No Chicken Feed

We’ve all heard about the trade secrets law suit between Tyson Foods and ConAgra, which began when four executives left the Springdale poultry producer to start work for ConAgra and ConAgra Poultry Co.

What has not been publicized is the compensation that lured the executives away. Pay packages for three of the four executives — Jerry Dowd, Michael Hamblin and John Curran — were detailed in the decision handed down Jan. 4 by Washington County Chancellor John Lineberger.

Dowd, Tyson’s former senior vice president of food service distribution, was hired to serve as ConAgra Poultry’s president of food service. His compensation package includes a $350,000 base salary, 10,000 shares of ConAgra stock vested over five years (valued at $266,000 given a May 20, 1999, closing date), and a $100,000 interest-free loan forgivable over three years.

Hamblin, Tyson’s former division manager of food service national accounts, left to be ConAgra Poultry’s vice president of national accounts. His pay package includes a $150,000 base salary, stock options for 10,000 shares of ConAgra stock and a $50,000 interest-free loan forgivable over two years.

Curran, Tyson’s former senior vice president of retail fresh products, was hired by ConAgra Poultry to be senior vice president of sales and retail marketing. He got a $300,000 base salary, 7,500 shares of ConAgra stock vested over five years (valued at $191,000 given a July 30, 1999, closing date) and a $100,000 interest-free loan forgivable over three years.

Pay for the fourth defector, former Tyson senior vice president of fresh consumer products David Purtle, will be spelled out during a second trial scheduled for Feb. 1.