● Clorox: Clorox entered an employment agreement in which Donald Knauss has stepped into the role of chairman and chief executive officer. Under the terms of the agreement, Mr. Knauss, 55, will receive, among other things, an annual base salary of $950,000 and a sign-on cash bonus of $500,000. On his first day of employment, he received a ten-year option to purchase 275,000 shares of common stock and 83,500 restricted stock units that will vest over four years.
In other news, the company announced on Oct. 4 that former chairman and CEO Calvin “Cal” Shipley Hatch died on Oct. 1, 2006, at the age of 85.
Mr. Hatch joined Clorox in 1972 as vice president, sales, following 25 years with Procter & Gamble’s sales organization. Subsequently, he was named group vice president, marketing services. He was elected executive