CHICAGO (Reuters) - Kraft Foods Inc <KFT.N> Chief Executive Officer Irene Rosenfeld took a sharp pay cut in 2010 after the largest North American food company failed to meet revenue and profit targets.

Rosenfeld's total compensation fell 27 percent to $19.29 million, according to the company's annual proxy filing, although the comparison is skewed by a $6.6 million payout in 2009 under a three-year bonus plan that is no longer in effect.

But Rosenfeld's annual bonus fell 46 percent to $2.13 million. The decline in that area stemmed from the company not meeting its targets for organic revenue or operating income, spokesman Mike Mitchell said.

Organic revenue, which excludes the impact of currency fluctuations and most acquisitions and divestitures, rose 3.5 percent, below Kraft's 5 percent goal.

Operating income was $6.5 billion, below the company's target of $6.9 billion, Mitchell said.

In 2010, Kraft was hit by soaring commodity costs in the second half of the year and consumers looking to rein in spending on food.

Kraft shares rose 15.9 percent in 2010, compared with a 12.8 percent increase in the Standard & Poor's 500 index <.SPX>.

(Reporting by Brad Dorfman; Editing by Lisa Von Ahn)