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PROCTER & GAMBLE Co 8-K Report, Executive Changes (Aug 14, 2008)

Reports
Leadership Changes
Filing Date
Filed August 14, 2008
Period End
August 12, 2008
Security
PG
In the record · 2016–202610-K1210-Q328-K226

PG filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 226 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Aug ’19Aug ’19
  2. Leadership change8-K · Jan ’22Jan ’22
  3. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed August 14, 2008. Cited figures are marked; the original filing is the authoritative source.

This 8-K filing by Procter & Gamble (PG) on August 13, 2008, primarily details executive compensation adjustments made on August 12, 2008.

The Compensation & Leadership Development Committee recognized the significant contributions of Vice-Chairman and CFO, Clayton C. Daley, Jr., by awarding him $1,500,000a in restricted stock units. This special equity award specifically acknowledges his critical role in the valuation, negotiation, and successful integration of The Gillette Company, which was a landmark acquisition for P&G.

The filing also announces a modification to the company's Short Term Achievement Reward Program (STAR). Previously, STAR awards incorporated a "Gillette Integration Factor." With the successful completion of the Gillette integration, this factor has been removed from the STAR calculation formula. This change reflects the transition from an integration phase to ongoing operations and business unit performance.

02—Key points

Key Highlights

  1. Special equity award of $1,500,000 granted to CFO Clayton C. Daley, Jr. in restricted stock units.
  2. Award recognizes Mr. Daley's integral role in the valuation, negotiation, and integration of The Gillette Company.
  3. The Gillette integration is highlighted as the largest and one of the most successful in P&G's history.
  4. The Short Term Achievement Reward Program (STAR) has been revised.
  5. The 'Gillette Integration Factor' has been removed from the STAR calculation formula.
  6. This change signifies the successful completion of the Gillette integration.

03—Questions

Frequently Asked Questions

  1. Why was the CFO awarded a special equity grant?

    The CFO, Clayton C. Daley, Jr., received a $1,500,000 special equity award in restricted stock units to recognize his crucial involvement in the valuation, negotiation, and leadership of the integration of The Gillette Company.

  2. What is the significance of the Gillette acquisition mentioned in the filing?

    The filing emphasizes that the acquisition of The Gillette Company was the largest and one of the most successful transactions in Procter & Gamble's history, underscoring the strategic importance and positive outcome of the deal.

  3. How has the Short Term Achievement Reward Program (STAR) changed?

    The 'Gillette Integration Factor' has been removed from the STAR calculation formula. Previously, STAR awards were based on Total Company performance, Business Unit performance, and Gillette integration. Now, the focus shifts back to Total Company and Business Unit performance as the integration is complete.

  4. What is the value of the special equity award granted to the CFO?

    The special equity award granted to Clayton C. Daley, Jr. has a value of $1,500,000, to be issued in the form of restricted stock units.

04—Continue

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