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SPRINGDALE, Ark. (AP) - Because Tyson Foods Inc. failed to achieve earnings targets in its most recently completed fiscal year, senior executives will miss out on bonuses that totaled more than $5 million last year, the company said Tuesday.
In a filing with the Securities and Exchange Commission, the world's largest meat producer said Chairman John Tyson, President Richard L. Bond and Chief Administrative Officer Greg W. Lee were ineligible for bonuses for 2006.
"Linking executive compensation to corporate performance results in a better alignment of compensation with corporate goals and shareholder interest," the company's compensation committee said in a proxy statement. "As performance goals are met or exceeded, resulting in increased value to shareholders, executives are rewarded commensurately."
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