Rosenfeld takes pay cut as Kraft misses targets

KRAFT Foods chief executive Irene Rosenfeld took a sharp pay cut in 2010 after the food company failed to meet revenue and profit targets.

Rosenfeld’s total compensation fell 27 per cent to $19.29m (£12.02m) according to the company’s annual filing, although the comparison is skewed by a $6.6m payout in 2009 under a three-year bonus plan that is no longer in effect. Rosenfeld’s annual bonus fell 46 per cent to $2.13. The company missed its targets for organic revenue and operating income.