A million Oreos per day….

As a shareholder of Kraft Corporation, Rocky just finished reading his annual proxy statement. He rubbed his eyes after noting that CEO Irene Rosenfeld’s 2009 compensation was valued at an eye-popping $26,345,201. Since an 18oz Oreo package retails for $3.29 and contains 46 cookies, Ms. Rosenfeld’s compensation equates to 368,352,354 cookies. That’s more than one million Oreos per day!

Wall Street trader compensation increasingly includes deferred stock — as they are required to “eat their own cooking.” It is unrealistic to expect Ms. Rosenfeld to consume over one million Oreos per day, hence a more reasonable compensation package should also include Chips Ahoy and Fig Newtons.

Rocky further notes that Kraft stock performance has badly lagged its peers over the past five and ten years, and has roughly matched its peers over the past twelve months.

[Disclosure: Rocky always unscrews his Oreos before dunking in milk.]