News
12:35 pm
Fri August 23, 2013

Documents Detail CEO's Final Pay Package

Documents filed with the Securities and Exchange Commission show Cincinnati-based Procter & Gamble gave former CEO Bob McDonald a pay package worth 15.9 million dollars during his final full year at the helm, a 5 percent increase from the previous year.

McDonald's retirement was announced abruptly in May, with the firm facing pressure to improve its results. He was replaced by his predecessor, A.G. Lafley, who was given a prorated package of 2 million dollars for the five weeks he served at the end of the company's fiscal year. McDonald's pay bump was the result of a higher cash-based bonus, reflecting the company's improved performance during the fiscal year that ended June 30.