The Chairman and CEO of Monsanto, Mr. Hugh Grant received a $600 millions performance bonus for the year 2015, the multinational agrochemical and agricultural biotechnology corporation announced today.
During Monsanto Second Quarter Fiscal Year 2016 Earnings Conference Call, the Board of directors released the information, announcing that it had granted Mr. Grant $601.45 million in annual performance bonus, including $592 million in restricted stock units.
The Chief Financial Officer and Senior Vice President, Pierre Courduroux, claimed that despite the fact that the last year was not good in terms of profit and sales, the company had built some “very solid bases” for future projects.
“Many are alarmed by the plummeting profits, but we are extremely optimistic for the future,” Mr Courduroux told local reporters. “Last year, we were victims of accusations concerning the Zika virus, but we expect strong and record, sales and profits over the next years. We’ve made great investments which will start paying up soon, and we’ve decided to reward Mr Grant for the important role that he played in generating these future profits!”
Last week, Monsanto announced that its profit had fallen by 25% in the second quarter compared to the same period a year ago.
Experts believe, the company has suffered as farmers cut back on spending, squeezed by plummeting commodity prices.
Despite these setbacks, the leader board of the corporation, which has a long history of working with agricultural producers to boost yields and come up with valuable innovations, seems confident to be able to bounce back over the next few months.