A bottomless barrel of pork…

BaconFootnoted regular Smithfield Farms (SFD) earns another spot in the slaughterhouse today.  Smithfield, which we first noticed back in 2004 for its generous trough of director goodies, recently announced the retirement of long-time CEO Joseph Luter III.  In a filinglate Wednesday, Smithfield revealed that it had offered Luter a renewable consulting contract worth a stunning $1 million a year!  That’s more than the guy actually repsonsible for running the company following Luter’s retirement — CEO and President  C. Larry Pope is set to make. It’s also more than the $850K that Luter made last year when he was presumably working full-time.

Luter’s consulting agreement went on to note that the seven-figure consulting services were to be done how and when Luter chose and that it was expected to consume "less than half of his available working time."  So he gets a raise and he gets to work part-time? Pretty sweet deal. But wait…there’s more. As an added bonus, Luter is also entitled to "an appropriate office located in proximity to his current office with appropriate furnishings and secretarial support", use of the company aircraft, a computer, Blackberry and an on-call geek squad, as well as something entitled "cash incentive awards" based on his consulting services.  Bring on the bacon!