Gillette Mach3 Sales Boost In Q4 Provides Momentum For CEO Kilts
This article was originally published in The Rose Sheet
Executive Summary
Gillette's Mach3 men's razor and blade record 38% sales increase in the fourth quarter provides momentum for newly appointed CEO James Kilts to build an era of "sustained, profitable growth" after he assumes the helm of the firm Feb. 12.
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Gillette’s Leckie Assumes Helm As Kilts Steps Down
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Gillette
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...