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Latest NewsPay & benefitsShare options

Gillette executives expect takeover windfall

by Michael Millar 31 Jan 2005
by Michael Millar 31 Jan 2005

Senior executives at Gillette, which could shed up to 6,000 jobs after a merger with Proctor and Gamble, are set for a massive windfall, according to estimates.

The £30m merger will result in senior Gillette executives pocketing $1bn (about £750m) with chief executive James Kilts expected to earn $124m alone.

Also in line for big pay-offs are Edward DeGraan, Gillette’s vice-chairman, who is expected to make $41m and Charles Cramb, the chief financial officer, who will receive $22m.

According to regulatory filings in the Sunday Times, nearly 2,600 managers with the Boston-based company will get an average windfall of $485,000 if the merger goes ahead.

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The deal, one of the largest mergers in corporate history, will be paid for mainly in P&G shares, and will see 4 per cent of the combined workforce of 140,000 leaving.

It will make Proctor and Gamble the world’s biggest household goods maker, pushing Unilever into second place.

Michael Millar

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