Chief Executive of Unilever gets a bountiful €4 million salary package
Patrick Cescau, the chief executive of Unilever got an increase in his pay equivalent to half of his last year remuneration which has made his present salary equal to €4 million. The pay package was increased after the sales of the consumer goods rose by about 5.5 percent. According to the annual report of Persil and Lipton Tea, Mr Cescau has got a basic salary of €1.4 million and a bonus amount of €2.3 million during the year 2007. In 2006, his salary was around €2.7 million and the bonus amount raised his salary to €3.94 in 2007.
On the other hand, it goes unstated that the company is on the look out of a replacement for Mr Cescau who is 59 years old and joined Unilever in the year 2005. Mr Cescau has been engaged for a three-year period for the group and the company had seen the sell off its various popular brands. But, the company is still behind its margin target which is about 15 percent. During the year 2007, the operating margins were around 13.1 percent and it is less than the 13.6 percent achieved during 2006. Even though Unilever has improved its profits considerably during the last three years, many feel that it is still behind its biggest opponent Procter and Gamble and Colgate Palmolive in the health and beauty sector.