Procter & Gamble CEO compensation falls 15 percent

CHICAGO (Reuters) - Procter & Gamble Co (PG.N), the maker of Gillette razors and Pampers diapers, said on Friday that Chairman and Chief Executive A.G. Lafley's total compensation in the latest fiscal year declined 15 percent due largely to lower option awards.

Total compensation fell to $23.5 million from $27.7 million in the previous year, according to a proxy filing with U.S. regulators.

Lafley's salary of $1.7 million was the same for the fifth consecutive year, while his bonus, based on company performance, was $4 million, up $500,000. The board approved a $100,000 raise for the current year.

Among other compensation, Lafley received $9.1 million in stock, down slightly from last year, and $7.8 million in options. The previous year, he received $10.3 million in options.

The company said Lafley's compensation was 89 percent based on performance goals that were met or exceeded in the latest fiscal year ended in June, with the majority paid in stock, restricted stock units or options.

P&G's sales rose 9 percent to $83.5 billion for the year. Sales in ongoing businesses, also known as organic sales, were up 5 percent, in line with company goals on which Lafley's compensation is based.

Earnings per share for the year jumped 20 percent to $3.64. Excluding the Gillette acquisition, they rose between 11 percent and 12 percent, compared with a company goal of 10 percent or better.

(Reporting by Ben Klayman; editing by Jeffrey Benkoe)