Post Holdings paid Chief Executive Robert Vitale $11.3 million in fiscal 2019, even after its compensation committee used "downward discretion" to reduce his bonus.
Vitale's compensation was up 15% from $9.9 million in 2018.
His salary was $1.36 million after a 2% raise, and he received a $1.6 million bonus plus $8.1 million of stock. The bonus was paid at 90% of the target level even though Post beat its earnings goal for the year. Post's proxy statement says the bonus was adjusted downward because some business units did not meet their targets.
Half of the $8.1 million stock is a performance-based award, for which the final payout depends on shareholder returns over a three-year period.
Vitale's pay package also included $84,753 in deferred compensation earnings and $88,830 worth of personal flights on company planes, plus $35,529 to pay taxes on those flights.
In a supplemental table, Post notes that compensation Vitale actually received in 2019 totals just $5.9 million, because most of the stock award doesn't vest until future years.
Vitale earned 169 times as much as a typical Post worker. The Brentwood-based food company calculated that its median employee earned $67,082.
Post's fiscal year ended Sept. 30. Its earnings per share fell 38%, before unusual items, but its share price rose 8%.