P&G hiked ex-CEO’s pay to $15.9M for last year

NEW YORK — Procter & Gamble Co., owner of Boston-based Gillette, gave former chief executive Bob McDonald a pay package worth $15.9 million during his final full year at the world’s largest consumer products maker, for a 5 percent increase from the previous year.

His retirement was announced in May, with the company facing pressure to improve its results. He was replaced by A.G. Lafley.

McDonald’s pay bump was the result of a higher cash-based bonus of $3.3 million, up 36 percent from the previous year. His base salary of $1.6 million and stock awards of $6.4 million were unchanged. Stock options were valued at $4.2 million, a 4 percent decline. Other compensation rose 7 percent to $332,877.

Associated Press