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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.

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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.

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