P&G Details Pay For New CEO

   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 [e-mail]

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