NEW YORK -(Dow Jones)- Colgate-Palmolive Co.'s (CL) Chief Executive Ian Cook raked in a flat salary of $1.15 million last year, but his non-equity incentive plan compensation fell to $3.38 million from $3.45 million last year, according to a filing with the Securities and Exchange Commission.
Cook's non-equity incentive plan is a cash bonus based on growth in earnings per share. In addition to changes in pension value, stock and options awards and other compensation, Cook's pay totaled nearly $15.4 million for 2010.
Colgate is coming off of a rough fourth quarter, in which earnings fell 1.1% on lower-than-expected revenue and higher materials costs.
Over the past few years, the company has been working to get out of less profitable household products, such as detergent, with an increased focuse on higher-margin oral-care, personal-care and pet-nutrition businesses. Meanwhile, it is facing more competitive pressure from around the world.
Colgate announced Wednesday its plans to buy the Sanex personal care brand from Unilever PLC (UL) for EUR672 million. It expects the deal to increase its profit by about 1% in 2012 as a result of the growth and efficiencies from Sanex, which will mean higher bonuses for executives again next year.
Annie Gasparro, Dow Jones Newswires; 212-416-2244; annie.gasparro@ dowjones.com
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