NEW YORK (AP) — Procter & Gamble Co. says it gave former CEO Bob McDonald a pay package worth $15.9 million during his final full year at the helm of the world's largest consumer products maker, representing a 5 percent increase from the previous year.
McDonald's retirement was announced abruptly in May, with the maker of Tide detergent and Crest toothpaste facing pressure to improve its results. He was replaced by his predecessor A.G. Lafley, who was given a prorated pay package of $2 million for the five weeks he served at the end of the company's fiscal year, according to documents filed Friday with the Securities and Exchange Commission.
McDonald's pay bump was the result of a higher cash-based bonus, reflecting the company's improved performance during the fiscal year that ended June 30.
The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.