The food maker, based in Northfield, Ill., gave Rosenfeld a pay package worth nearly $13.5 million in 2010, compared with $22.1 million a year earlier, according to an Associated Press analysis.
Rosenfeld's salary rose 2 percent to $1.5 million for the year, according to regulatory document filed Thursday. The value of her stock awards fell 6 percent to nearly $7.4 million and the value of options awards rose 13 percent to nearly $2.1 million.
Rosenfeld's performance-based bonus fell 80 percent to $2.1 million. That's partly because she didn't meet all the company's goals. But the comparison also suffers because the company shifted part of its long-term incentive pay from cash to options, so her 2009 package included a $6.6 million cash payout.
She also received perks, such as the travel in the corporate aircraft, valued at $351,882 — 3 percent less than in the prior year.
Kraft said in the filing that Rosenfeld met or exceeded many of her performance goals for the year, such as increasing revenue, improving shareholder value and delivering savings from its acquisition of Cadbury PLC ahead of schedule.
Kraft, under Rosenfeld's leadership, acquired Cadbury a year ago for $19.5 billion. The move made the nation's largest food maker into the world's largest confectioner as well.
While the food maker said Rosenfeld helped deliver "solid" results for the year, she did not meet all of the financial expectations that the company had laid out.
Kraft's net income jumped roughly 36 percent to $4.11 billion in 2010 on revenue of $49.21 billion.
The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
The value that a company assigned to an executive's stock and option awards for 2010 was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company's stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified amount of time to receive shares or exercise options.
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