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Gillette

This article was originally published in The Rose Sheet

Executive Summary

CEO James Kilts has extended his employment contract one year to Jan. 19, 2005 from original three-year contract's expiration on Jan. 19, 2004, Gillette reports Aug. 7. Principle terms of the contract extension call for Kilts to receive a stock option award of 1 mil. shares on Jan. 2 and stock appreciation rights of 1 mil. share units that have a roughly six-month valuation term, firm notes. Exec's current base compensation is about $1.4 mil. with a bonus targeted at $1.7 mil. in 2003. Kilts was appointed to the helm in early 2001 (1"The Rose Sheet" Jan. 29, 2001, p. 7). Separately, Gillette announced it acquired a majority interest in Fujian Nanping Nanfu Battery, a leading Chinese battery company. The acquisition will be nominally accretive to 2003 earnings, firm notes...
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