Gillette executives expect takeover windfall

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.

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.

Comments are closed.