McDonald earns $13.1 million in first year as Procter & Gamble CEO, gets praise and raise

McDonald earns $13.1 million as P&G CEO

CINCINNATI — Procter & Gamble Co. CEO Bob McDonald received about $13.1 million in his first year as head of the world’s consumer products company, an Associated Press analysis shows.

A regulatory filing Friday shows that nearly 90 percent of McDonald’s pay was tied to performance. His base salary was $1.4 million.

P&G’s compensation committee explained in the filing that McDonald’s initial pay reflects the fact that he was new to the role. It praised his first-year performance, and raised his base salary to $1.6 million.

McDonald succeeded A.G. Lafley as CEO of the maker of Tide detergent, Pantene shampoo and Pampers diapers at the beginning of the fiscal year that ended June 30. Lafley earned $23.5 million in his last year as chief.