Campbell Soup CEO Takes A Slight Pay Cut

CAMDEN, N.J. (AP) — Campbell Soup Co. President and Chief Executive Douglas Conant received a slight pay cut in fiscal 2009 while his company's profit shrunk amid a deep global recession, according to an analysis by The Associated Press.

Conant's total compensation was $9.42 million, about 1.6 percent less than he received in fiscal 2008, documents the company filed Thursday show.

His base salary rose nearly 1 percent, from $1.18 million in 2008 to $1.19 million this fiscal year, which ended Aug. 2. Conant received $226,889 in perquisites, down from $278,554 in 2008. In 2009, those benefits included about $18,000 in car expenses and about $65,000 for a driver, as well as insurance premiums and retirement account contributions.

Conant made less from stock grants — his 2009 awards totaled $5.94 million, down from $6.19 million the year before. But he made more from performance-based cash bonuses — $2.04 million in 2009, up from $1.86 million in 2008.

The company's profit for the year was $736 million or $2.06 per share, down from $1.17 billion or $3.06 per share the year before. The 2009 figures reflect the company's sale of Godiva Chocolatier.