Gillette Reviews 2003 Business Results, Elects Directors
May 21, 2004
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At The Gillette Company's annual shareholders meeting, James M. Kilts, chairman, president, and CEO of reviewed the company's results for 2003, which he described as "an excellent year."
According to Mr. Kilts, the personal care appliance maker achieved strong gains in net sales and profit from operations and record earnings per share.
At the meeting, shareholders elected four directors to serve for 3-year terms that expire at the 2007 Annual Meeting. The directors were Edward F. DeGraan, Wilbur H. Gantz, James M. Kilts, and Jorge Paulo Lemann.
Shareholders also approved the 2004 Long-Term Incentive Plan and a shareholder proposal recommending that the board of directors consider the annual election of all board members, rather than the current staggered, 3-year terms.
Shareholders rejected another shareholder proposal that the Company adopt a policy of immediately expensing stock options; the company has said it would expense options when the Financial Accounting Standards board agrees on a uniform method.
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