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
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Unilever NV Charts.
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Unilever NV Charts.