Kraft CEO gets 41% hike in 2009; takes home $26.3 mn

American major Kraft Foods raised the 2009 compensation of its CEO Irene Rosenfeld by over 40 per cent to $26.35 million and termed her leadership in completing the Cadbury takeover as "exceptional".

Rosenfeld, who has been at the helm of Kraft for nearly four years, took home a pay packet of $26.35 million in 2009. The amount is 41 per cent higher than her compensation of $18.73 million in 2008.

According to a company's regulatory filing, Rosenfeld did not receive any bonus or any salary hike last year.

Out of the total amount, stock and option awards stood at about $9.69 million, while the base salary was $1.47 million.

Rosenfeld has been Kraft's CEO since June 2006 and also became the chairman in March 2007.

The company's management said that Rosenfeld's leadership in "executing on the formal bid for Cadbury in November 2009 and closing this complex deal in early 2010 as exceptional".

The filing on Tuesday, pointed out that the combination with Cadbury has transformed Kraft's portfolio into faster growing categories and geographies.

Ending months of bitter wrangling, Kraft in January had sealed a $19.6 billion deal to acquire Cadbury.

Appreciating Rosenfeld's commitment to financial discipline, the company said the same was visible in maintaining Kraft's investment grade rating and higher cash earnings, among others.

Recently, Kraft also divested its North American frozen pizza business for $3.7 billion. Last year, the food major had sold several slow growth small businesses.

Earlier, Rosenfeld had said that several senior executives including her, would not receive any salary hikes in 2009 due to the tough economic conditions at that time.

"In February 2010, the named executive officers were eligible and received salary increases by amounts commensurate with market practices," the filing noted.