Friday, June 29, 2012
FirstNerve’s annotated version of Coty CEO Bernd Beetz’s WSJ interview in 2009 continues to draw traffic, no doubt to the dismay of his company’s PR department as it reliably turns up near the top of “Bernd Beetz” Google searches.
Now, following its unsuccessful run at Avon, Coty Inc. plans to take itself public. The S-1 registration filed with the SEC includes these tidbits about our favorite obsessive showering enthusiast:
• Mr. Beetz’s salary is listed as $1,632,600.
• Coty provides him with a housing allowance, a leased company car, and payments in lieu of pension payments. (Amounts are not disclosed in the filing.)
• The company has given him millions of stock options, some vested, some not, as part of a performance incentive plan.
• Beetz owns 6,235,715 shares of Coty common stock, or 1.6% of the total. That figure “includes 4,750,000 shares of common stock issuable upon exercise of vested options.”
We figure that at his usual three a day, Mr. Beetz earns another $1,490.96 every time he steps into the shower. Since he became CEO in 2001, he has accumulated about 517 shares/options for each invigorating, cleansing, and refreshing episode under running water. We don’t begrudge him a penny of it. Plus, he comes out smelling like lemon and peppermint. Still, it’s shocking that his compensation package doesn’t include a loofa fund or laundry service for all those towels.