New Winnebago CEO paid $731,370 for fiscal 2008

The compensation for Olson, 57, included a salary of $396,369 and $23,404 in non-equity incentive plan compensation, which is rewarded for the company's performance, Winnebago said in a proxy filing with the Securities and Exchange Commission.

He also was paid $29,497 in other compensation, which included the company's contribution to his 401(k) retirement plan, use of a company car, a health examination and life insurance contribution.

Olson also was awarded stock and options that had an estimated value of $282,100 when they were granted in October 2007.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

Olson became CEO in May, two months after Bruce D. Hertzke announced he was stepping down. Olson had been named president of the company in May 2007 as part of a succession plan. Winnebago's board gave him a 27.5 percent salary increase when he took the larger role. Olson joined Winnebago in 1969 as an hourly production worker.

Hertzke, who spent 36 years with Winnebago, was paid about $1.4 million for his service in fiscal 2008, according to the company's proxy. He received a salary of $433,867, non-equity incentive plan compensation of $50,741 and other compensation of $104,367.

In addition to stock and option awards that had an estimated value of $479,570 when they were granted in October 2007, Hertzke received an additional grant of 20,000 shares valued $357,400 when he announced his resignation in March, the company said in its SEC filing.

Times have been tough for Winnebago of late.