Clorox CEO gets nearly 10 percent pay boost on jump in performance-related bonus

Clorox CEO gets nearly 10 pct pay boost on bonus

NEW YORK — The CEO of Clorox Co. made 10 percent more this year because of a performance-related bonus as the consumer product company improved its profits and sales, according to an Associated Press analysis.

Donald Knauss’ total compensation was valued at $8.2 million in fiscal 2010, which ended in June. That was up from $7.5 million the year before. The bulk of the increase came as her performance-related bonus increased by more than 50 percent.

His salary of about $1 million rose less than 2 percent. He received a performance-related bonus of nearly $2 million, well above the $1.3 million he received in 2009.

His 2010 compensation also included stock options and restricted stock valued at $5 million on the day they were granted, according to the filing with the Securities and Exchange Commission made Friday. In 2009, he received similar awards valued at just under $5 million.

Knauss, 59, received perks valued at $201,851 in the company’s fiscal 2010. That figure was about 7 percent less than the value of perks he received from the previous year. His perks included $14,363 for retirement benefits, $128,183 in non-qualified deferred compensation, $21,609 in relocation benefits, including a mortgage subsidy and other perquisites valued at $37,696.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.

Knauss has been CEO of the company, based in Oakland, Calif., since 2006. He came to the company from Coca-Cola Co., where he had been executive vice president and president and chief operating officer.

Clorox makes its namesake cleaning products as well as Fresh Step cat litter, Kingsford charcoal and Hidden Valley Ranch salad dressing. The company has been focusing more on health, wellness and sustainable products.

Last month it announced it would sell the division that makes car-care brands such as Armor All and STP to private equity firm Avista Capital Partners for $780 million in cash.

For the year, Clorox earned $603 million, or $4.24 a share, up from earnings of $537 million, or $3.79 per share, in fiscal 2009.

Its full-year revenue rose 2 percent to $5.53 billion.