Carlos M. Gutierrez will be facing a pay cut if he becomes secretary of commerce in the second Bush administration, but he probably isn't too worried about it.
Mr. Gutierrez, chairman and chief executive officer of the Kellogg Co., Battle Creek, Mich., is in line to receive a generous pension from the cereal maker — between $746,538 and $1.045 million a year, according to the proxy statement for Kellogg's 2004 annual meeting.
That's because his salary and bonus were more than $2 million last year, and he is credited with 28 years of service at the company.
Kimberly Good, a spokeswoman for Kellogg, said the firm does not comment on executive compensation.
