By Chelsey Dulaney
Procter & Gamble Co.'s new chief executive, 35-year company
veteran David Taylor, will receive a base salary of $1.6 million
when he takes over the job on Nov. 1, with the potential for
millions more in bonuses every year.
On Tuesday, P&G named Mr. Taylor to succeed A.G. Lafley, who
will take on the role of executive chairman after holding the CEO
post for more than 11 years.
In a regulatory filing, P&G said Mr. Lafley will receive a
base salary of $1.25 million, with an annual bonus target of 150%
that amount. In the 2013-14 year, Mr. Lafley's total compensation
package was valued at $19.5 million, with a base salary of $2
million.
Mr. Taylor, meanwhile, will have a target bonus of 200% his base
salary. Both executives will also receive equity grants under
P&G's long-term incentive program.
Under the new structure, Mr. Taylor will run P&G's
operations as CEO, and Mr. Lafley will advise on matters such as
strategy, innovation and mergers and acquisitions. Mr. Lafley said
he would also help assess talent and will continue to coach and
mentor Mr. Taylor, with whom he has worked for more than 20
years.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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