Gillette CEO Bonus Up 59 Percent in 2003 Apr 13, 2004

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Gillette Co. Chairman and CEO James Kilts saw his bonus rise almost 59 percent in 2003.

Mr. Kilts' bonus rose to U.S. $2.7 million in 2003 from $1.7 million in 2002 and his salary rose to $1.275 million from $1.048 million, according to the Boston, MA, U.S.-based company's proxy statement filed with the Securities and Exchange Commission.

Mr. Kilts, who has been mentioned as a possible candidate to replace Coca-Cola Co. Chairman and CEO Douglas Daft, also received stock-based compensation valued at $12.94 million, the company said. This includes $9 million in options and $3.94 million based on the appreciation of 1 million Gillette shares from June 19, 2003 and Jan. 2, 2004.

"The company achieved all, and exceeded many, of its objectives set for 2003," Gillette said in the proxy. Among measures it noted, sales rose 9 percent, net income rose 14 percent and income per share from continuing operations rose 18 percent, Gillette said. (Reuters)

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