James M. Kilts made history four years ago as the first outsider to lead Gillette Co., but ultimately he’ll be remembered as the man who sold the century-old Boston company to Procter & Gamble Co. of Cincinnati.
How much did Kilts get? A package valued at $165 million, including stock options and severance. On top of this, P&G has said it will give him stock and options worth $23 million in return for serving as its vice-chairman for one year and agreeing not to join a rival before 2009. Excluding $6.5 million he stands to earn during his year as vice-chairman, Kilts could eventually pocket an astounding $188 million.
Kilts Employement Agreement and Kilts Stock Option Agreement
Mr. Kilts walked away from the merger deal $185 million richer while Boston lost yet another corporate headquarters and an estimated 1,100 jobs on top of the 12,000 Kilts cut during his four year tenure with Gillette.
Kathy Lane has been named CIO of National Grid
Comment by anon — March 16, 2006 @ 11:47 am