Constellation Brands CEO gets $4.1M |
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Fri, 22 Jun 2007 16:22
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NEW YORK (AP) - Constellation Brands Inc.'s Chairman and Chief Executive Richard Sands received compensation valued by the company at about $4.1 million in its 2007 fiscal year, according to the distiller's proxy statement Friday.For the year ended Feb. 28, Sands received a salary of about $1 million and a bonus of $436,348. The company did not award him any other non-equity incentive plan compensation.Constellation Brands also gave him 'other compensation' valued at $339,984 for the year. The number included $83,041 in matching contributions to a 401(k) and other retirement and savings plans and $256,943 in perks, such as a designated car, personal use of the corporate airplane, a 'complimentary product allowance' to give him access to Constellation Brands' alcoholic beverages and an annual health review.In addition, Sands was awarded stock and options that had an estimated value of $2.3 million on the day they were granted.The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation, and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and may differ from totals detailed by companies.During the year with Sands at the helm, sales grew 12 percent and profit gained 2 percent. The company's share price fell 11 percent during the same time period as Constellation struggled to handle a glut of bulk Australian wines that have hurt branded sales in Britain.Constellation Brands shares rose 7 cents to $24.09 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Constellation to buy back $421.1M shares 