The CEO of McCormick & Co. Inc. earned $9 million in compensation last year, a 39 percent increase, as the Sparks-based spice and flavorings maker reported record financial results for the year and completed the acquisition of the maker of French’s Mustard and Frank’s Red Hot sauce.
Performance-based pay made up the bulk of compensation for Lawrence E. Kurzius, who also serves as the company’s chairman and president.
On top of a base salary of $965,385, Kurzius earned $2.8 million in non-equity incentive plan compensation, $2.3 million in stock option awards and $1.2 million in stock awards, according to a proxy the company filed Thursday with the U.S. Securities and Exchange Commission. His total compensation was up from $6.5 million in 2016.
McCormick reported a profit of $477.4 million, or $3.72 a share, on $4.8 billion in sales in 2017, all up from the prior year. Last year, McCormick acquired Reckitt Benckiser Foods, the maker of French’s Mustard and Frank’s Red Hot sauce, a deal expected to spur its growth globally.