For Immediate Release
Tuesday, May 01, 2012
AFSCME Urges Shareholders to Remedy Excess Pay at Dean Foods
Recommends Vote Against Executive CompensationWashington, DC —
AFSCME is recommending that shareholders of Dean Foods (DF) vote against the ratification of executive compensation at the company’s annual meeting on May 16, 2012.
“Greg Engles is living high on the hog but shareholders have been left with scraps,” said President Gerald W. McEntee, whose 1.6 million members participate in public pension funds with combined assets worth over $1.7 trillion. “The Compensation Committee at Dean Foods needs a wake-up call. After almost 40% of its shareholders voted against Dean Foods pay last year, they’re still asleep on the job.”
Dean Foods Chairman and CEO Engles has averaged $20.4 million in compensation over the last six years despite an average stock decline of 11 percent over the same period. Engles’ reported 2011 pay rose 46 percent from 2010 in spite of a $1.6 billion goodwill impairment charge.