Unilever's New CFO Receives Cash, Share Bonus Of GBP3.28 Million
05 März 2010 - 5:28PM
Dow Jones News
Unilever PLC's (UN) new Chief Financial Officer Jean-Marc Huet
is receiving a bonus of GBP3.28 million, or EUR3.6 million, in cash
and shares to compensate for the loss of incentives at his previous
employer, Bristol-Myers Squibb (BMY).
"Huet will receive a cash bonus of GBP680,000 and a restricted
share award with a value of GBP2.6 million," Unilever annual's
report said.
The cash award was paid on Huet joing the company, while the
share award will vest over the next three years. A Unilever
spokesman confirmed that none of the awards are performance
related.
Huet joined Unilever as the CFO in February 2010 from
Bristol-Myers Squibb.
Unilever, the maker of brands such as Ben & Jerry's ice
cream and Dove soap and Lynx deodorant, also said it will change
the bonus incentives for executive directors. "We are replacing the
underlying sales growth with underlying volumes growth as a driver
for the business performance for the annual bonus from 2010
onwards," it said in its annual report.
Under the leadership of Unilever Chief Executive Paul Polman,
Unilever changed to a focus on volume growth, rather than price-led
sales growth.
The volume growth cannot merely be achieved by cutting prices
however, as bonus will also be dependent on operating margin
performance.
By Anna Marij van der Meulen and Michael Carolan; Dow Jones
Newswires, +31-20-5715 201; annamarij.vandermeulen@dowjones.com
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