By Paul Ziobro
Colgate-Palmolive Co. (CL) Chairman and Chief Executive Ian Cook received total compensation valued at $14.8 million in 2012, a 4.5% increase from the prior year, according to a Securities and Exchange Commission filing released Wednesday.
A key driver of the pay increase was a 65% increase in his annual performance-based bonus to $4.1 million from $2.5 million in 2011, as the company's per-share earnings growth, excluding currency effects, topped goals. Organic sales growth of 5.8% at the toothpaste maker also helped boost Mr. Cook's performance-based pay.
Mr. Cook's 2012 pay package included a $1.2 million base salary, up slightly from the prior year. His $7.8 million in stock and option awards fell from $8.8 million in 2011, while the change in pension value and non-qualified deferred compensation earnings rose slightly to $1.3 million.
Mr. Cook received $272,793 in other compensation, which includes company contributions to savings accounts and life insurance premiums, down slightly from the prior year.
Colgate's sales have been thriving of late as it pushes deeper into attractive emerging markets like India and Latin America. It expects to post double-digit earnings growth this year and organic sales growth of 7%, helped by a slate of new products and improvement from its Hill's pet food business.
Colgate shares closed down 0.5% Wednesday at $116.72, but they are still up 20.7% over the last 12 months. Earlier this month, Colgate announced plans for a two-for-one stock split that goes into effect on April 23.
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