Cillit Bang boss's pay hits £90m
Published 08/04/2010 | 14:02
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.