Chew on this!

February 14, 2007

images-14.jpegLate yesterday, Wrigley Co. (WWY) filed its proxy that included one of the first examples I’ve come across of the new summary comp table in action. There — in all its glory — was the so-called holy cow number for total comp that showed how former CEO and president William Wrigley Jr. received $8.6 million last year. Wrigley, who stepped down as CEO on Oct. 20 but remains chairman, didn’t receive a bonus last year, so the bulk of that number was due to a cocktail of stock awards, options, and something called a non-equity incentive plan.

But what was really interesting was footnote 8, which showed “all other comp” of $801K — more than half of Wrigley’s salary last year. The bulk of that number came from personal use of the corporate jet, which the company said cost $540K last year. Because the new SEC rules sadly don’t require the company to provide a comparison to the previous year, it’s only after digging through the earlier proxy that you see that Wrigley’s personal use of the corporate jet more than tripled over the past year from the $159K spent in 2005.

Now if only we had the tail number as I mentioned at the end of this post a few weeks ago. That would make for some interesting reading! I got a few volunteers to help build this wiki. Any others lurking out there?

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