CONTINUING COVERAGE
AJC reporter Russell Grantham is tracking what Georgia’s major public companies pay their top executives. Look for periodic news and trend stories in the weeks ahead, as well as up-to-date-statistics, as Grantham pores through this year’s corporate proxy statements.
AGCO Corp. Chief Executive Martin Richenhagen last year reaped a 22-percent bump in compensation, to $12.3 million, even as the Duluth-based tractor and farm equipment maker reported mixed financial results.
Richenhagen, AGCO’s CEO since 2004 and its chairman since 2006, collected a salary and bonus of $3.4 million, as well as $6.4 million in stock awards and perks valued at $74,880. The 60-year-old CEO’s compensation also included a $2.4 million increase in the value of his pension.
AGCO has ridden the commodity boom in recent years, expanding factories and buying other farm equipment makers.
The firm’s shareholders have seen a 55 percent return since the end of 2006, including a 14.3 percent return last year.
But profits took a pause last year due to the weak economy in Europe, tougher going in Asia, and shifting currency values that reduced its profits in dollar terms. About half of AGCO’s sales are in Europe.
AGCO’s profits dropped 10 percent in 2012, to $522 million, though sales rose almost 14 percent to nearly $10 billion.
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