Sara Lee CEO earned nearly $5.7M in FY11

PORTLAND, Ore. (AP) — Sara Lee Corp.’s CEO received a pay package valued at nearly $5.7 million in his first year as head of the food and beverage company.

Sara Lee appointed Marcel Smits as its permanent CEO in January after its former CEO suffered a stroke.

The Downers, Grove, Ill.-based company paid Smits a salary of $736,347 for the fiscal year. And according to a document filed Thursday with regulators, he received stock and option awards valued at roughly $4 million.

Sara Lee paid Smits a performance-based bonus of $659,218. He also received perks worth $273,305 during the year.

Smits was paid $3.1 million in the company’s prior fiscal year during which he worked primarily as its chief financial officer.

The AP’s calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.