Alexander Coolidge reports:
Procter & Gamble chief executive officer Robert McDonald was paid $15.2 million in the fiscal year ended June 30 – a pay cut of 6.1 percent, according to a government filing this morning.
McDonald’s pay fell $989,000 as the consumer products giant missed growth targets amid a worldwide economic slowdown. McDonald’s pay, which was tied to performance goals set in 2011, declined before hedge fund manager Bill Ackman bought a nearly 1 percent stake in P&G, which increased scrutiny of the company and its CEO this summer.
Even with the pay cut, McDonald is likely the highest-paid CEO among Greater Cincinnati and Northern Kentucky’s 33 public companies. The only two other area CEOs to top $10 million were:
• Macy’s CEO Terry Lundgren, who was paid $14.5 million last year;
• Former Omnicare head John Figueroa, who was paid $10.7 million last year before resigning in early 2012.
Highlights of McDonald’s compensation:
• His salary remained unchanged at $1.6 million;
• His bonus was $2.4 million, down $200,000, or 7.7 percent;
• He received $10.8 million in stock and option awards, down $1.4 million, or 11.5 percent;
• Other compensation rose 69.5 percent to more than $312,000.
Details of McDonald’s pay were disclosed in P&G’s annual proxy filed with the U.S. Securities and Exchange Commission.
P&G’s Mason Business Center, which employs about 2,400, is home to its pet care, pharmaceuticals and personal- and oral-care businesses.