Pocter & Gamble Co. CEO get $3.5M bonus for Gillette
Thursday, February 19th, 2009Pocter & Gamble Co. gave its top executive a very “special” bonus worth $3.5 million for his “strategic vision” in the acquisition and integration of Boston’s Gillette Co. The Cincinnati-based company made the “special equity award” in the form of restricted stock, to Chairman and Chief Executive A.G. Lafley on Feb. 10, according to a regulatory filing yesterday.
“The acquisition was the largest and most successful in the company’s history” said P&G, which purchased razor-maker Gillette in 2005 for $54 billion.
P&G, which recently cut its profit and sales forecast, waited until now to grant the bonus to make sure that savings goals tied to the Gillette takeover had been reached, company spokesman Paul Fox said. He said the bonus was “not unusual”. P&G’s finance chief, Clayton C. Daley Jr., got a $1.5 million special equity award for his “integral role in the valuation, negotiation and acquisition” of Gillette, according to an Aug. 12 regulatory filing.

$3.5 million
Earlier that month, P&G said it would cut 215 jobs at its Gillette South Boston plant by mid-2013 and close a Devens warehouse staffed by about 400 contractors. Former Gillette CEO James Kilts drew heavy fire over the $165 million payout he got for selling the Hub manufacturing icon.
In these times of crisis, it’s hard to read such bonuses when jobs have been cut.











