The Great Escape: Gillette C.E.O. Jim Kilts received a controversial severance package worth $165 million, then went on to co-found a New York financial firm. The Massachusetts secretary of the commonwealth is investigating the golden parachutes awarded to Kilts and other company executives.

Shaved Workforce: In January 2005, when P&G announced the deal, it said it would trim $1 billion in costs. That is being accomplished largely through job cuts. The company is getting rid of 5,000 to 6,000 employees, or about 4 percent of its workforce.

Razor Burn: Gillette’s shaver sales slowed to 1 percent growth last year. In the two years prior to the deal—when it was  still riding high on the popularity of the Mach3 brand—Gillette posted sales gains in the double digits. 

Right Guard Maneuver: As a condition of the merger, the Federal Trade Commission required P&G to spin off its Right Guard brand. The company sold the brand for $420 million to its rival Dial, which promptly created a new body spray, Right Guard’s RGX. The spray then stole the No. 2 slot from P&G. (Unilever’s Axe is No. 1.) 

A Battery of Challenges: Demand from China has pushed up prices for zinc, a key battery component, to more than $3,000 per ton, or about double the 2005 level. The price of copper, another ingredient, rose 128 percent in the same period. To compensate, Duracell raised battery prices 6 percent worldwide this year.

One Big Winner: Warren Buffett held about 9 percent of Gillette through Berkshire Hathaway at the time of the takeover. P&G’s offer—18 percent over Gillette’s trading price—made him about $645 million in one day.

Bottom Line: Because of slowing razor sales, the deal has been a disappointment, a fact reflected in P&G’s stock price. Shares were trading at $59 the day before the acquisition and have hovered between $55 and $66 since then—better than Johnson & Johnson but still below the industry average. On the upside: P&G anticipates rising global demand for men’s products.