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Cillit Bang boss's pay hits £90m

Published 08/04/2010

Reckitt Benckiser chief executive Bart Becht made over 90 million pounds last year
Reckitt Benckiser chief executive Bart Becht made over 90 million pounds last year

The boss of household goods giant Reckitt Benckiser made more than £90 million in pay and shares last year after a decade of stellar stock market performance.

Bart Becht, chief executive of the Cillit Bang and Vanish group, exercised share options worth more than £70 million and performance-based shares valued at around £13 million in a bumper payout built up over his tenure at the helm.

The stock bonanza came on top of a pay and bonus package worth nearly £5 million in 2009.

But Mr Becht has decided to transfer nearly all of the stock options to a charitable trust, which supports organisations such as Save the Children and Medecins Sans Frontiers.

A small proportion of the shares will be sold to cover costs, with Mr Becht donating three million out of his total 4.1 million in share options to the charitable trust - worth more than £110 million.

FTSE 100-listed Reckitt has seen its shares outperform the wider Footsie by three-and-a-half times and have also beaten rivals - outperforming Procter & Gamble's shares by 225% and L'Oreal's by 256%.

The group's annual report this week revealed he was paid a basic salary last year of just under £1 million and a bonus of £3.5 million and other benefits, including a pension contribution of nearly £400,000. He was also granted new share options worth more than £30 million that he is entitled to in future years.

Mr Becht, who is Dutch, became chief executive in 1999 when Reckitt & Colman merged with Benckiser. Since then, Reckitt's revenues have more than doubled, with earnings almost quadrupling.

It shrugged off the recession last year to post a 23% hike in annual profits to £1.89 billion and achieved an 8% rise in net revenues at constant exchange rates to £7.75 billion.

Reckitt's brands also include well-known names such as Nurofen, Strepsils and French's mustard.

Press Association

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