<PAGE>   1
 
                            SCHEDULE 14A INFORMATION
 
          PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
                    EXCHANGE ACT OF 1934 (AMENDMENT NO.   )
 
Filed by the Registrant /X/
 
Filed by a Party other than the Registrant / /
 
Check the appropriate box:
 

<TABLE>
<S>                                             <C>
/X/  Preliminary Proxy Statement                / /  Confidential, for Use of the Commission
                                                Only (as permitted by Rule 14a-6(e)(2))
/ /  Definitive Proxy Statement
/ /  Definitive Additional Materials
/ /  Soliciting Material Pursuant to sec.240.14a-11(c) or sec.240.14a-12
</TABLE>

 
                          CHURCH & DWIGHT CO., INC.
- --------------------------------------------------------------------------------
                (Name of Registrant as Specified In Its Charter)
 

- --------------------------------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)
 
Payment of Filing Fee (Check the appropriate box):
 
/X/  $125 per Exchange Act Rules 0-11(c)(1)(ii), or 14a-6(i)(1), or 14a-6(i)(2)
     or Item 22(a)(2) of Schedule 14A.
 
/ /  $500 per each party to the controversy pursuant to Exchange Act Rule
     14a-6(i)(3).
 
/ /  Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
 
     (1)  Title of each class of securities to which transaction applies:
 
        ------------------------------------------------------------------------
 
     (2)  Aggregate number of securities to which transaction applies:
 
        ------------------------------------------------------------------------
 
     (3)  Per unit price or other underlying value of transaction computed
          pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
          filing fee is calculated and state how it was determined):
 
        ------------------------------------------------------------------------
 
     (4)  Proposed maximum aggregate value of transaction:
 
        ------------------------------------------------------------------------
 
     (5)  Total fee paid:
 
        ------------------------------------------------------------------------
 
/ /  Fee paid previously with preliminary materials.
 
/ /  Check box if any part of the fee is offset as provided by Exchange Act Rule
     0-11(a)(2) and identify the filing for which the offsetting fee was paid
     previously. Identify the previous filing by registration statement number,
     or the Form or Schedule and the date of its filing.
 
     (1)  Amount Previously Paid:
 
        ------------------------------------------------------------------------
 
     (2)  Form, Schedule or Registration Statement No.:
 
        ------------------------------------------------------------------------
 
     (3)  Filing Party:
 
        ------------------------------------------------------------------------
 
     (4)  Date Filed:
 
        ------------------------------------------------------------------------


<PAGE>   2

                            NOTICE OF ANNUAL MEETING
                      OF STOCKHOLDERS AND PROXY STATEMENT

                                  MEETING DATE
                                  MAY 9, 1996

                           CHURCH & DWIGHT CO., INC.
                           469 NORTH HARRISON STREET
                        PRINCETON, NEW JERSEY 08543-5297

                        CONSUMER AND SPECIALTY PRODUCTS


<PAGE>   3
CHURCH & DWIGHT CO., INC.                                                   LOGO

469 North Harrison Street, Princeton, New Jersey 08543-5297



Notice of Annual Meeting of Stockholders to be held Thursday, May 9, 1996.

         The Annual Meeting of Stockholders of Church & Dwight Co., Inc. (the
"Company") will be held at THE ASIA SOCIETY, 725 Park Avenue, New York, New
York, on Thursday, May 9, 1996, at 11:00 a.m., to consider and take action on
the following:

         1.      Election of four persons to serve as Directors for a term of
                 three years.

         2.      Proposal to approve the Church & Dwight Co., Inc. Compensation
                 Plan for Directors.

         3.      Approval of the appointment of Deloitte & Touche as
                 independent auditors of the Company's 1996 financial
                 statements.

         4.      To consider and act upon a stockholder proposal requesting
                 that the Board of Directors take the steps necessary to
                 provide for the election of Directors annually and not by
                 class.

         5.      To consider and act upon a stockholder proposal requesting
                 that the Board of Directors commit to a program to diversify,
                 by age, race and gender, the membership on the Board.

         6.      Transaction of such other business as may properly be brought
                 before the meeting or any adjournments thereof.

         All stockholders are cordially invited to attend, although only those
stockholders of record as of the close of business on March 11, 1996, will be
entitled to notice of, and to vote at, the meeting or any adjournments thereof.
The transfer books will not be closed.

         A list of stockholders entitled to vote will be available for
inspection by interested stockholders at the offices of Herrick, Feinstein, 2
Park Avenue, New York, New York 10016, commencing on May 1, 1996.


                                        MARK A. BILAWSKY
                                        Vice President, General Counsel
                                        and Secretary


Princeton, New Jersey
April 1, 1996

YOUR VOTE IS IMPORTANT.  EVEN IF IT IS YOUR DESIRE TO ABSTAIN, PLEASE SIGN AND
RETURN THE ENCLOSED PROXY IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.


                                                                               2

<PAGE>   4
                           CHURCH & DWIGHT CO., INC.
          469 North Harrison Street, Princeton, New Jersey 08543-5297

                                                                   April 1, 1996

                                Proxy Statement

PROXIES AND VOTING

         This Proxy Statement is furnished in connection with the solicitation
of proxies by the Board of Directors of Church & Dwight Co., Inc. (the
"Company"), for use at the Annual Meeting of Stockholders to be held on
Thursday, May 9, 1996.

         The securities entitled to vote at the meeting consist of the
Company's Common Stock.  Each stockholder of record at the close of business on
March 11, 1996, is entitled to vote in accordance with the amendment to the
Company's Restated Certificate of Incorporation which was adopted by the
stockholders and became effective on February 19, 1986.  At the Annual Meeting
each share of stock beneficially owned by the same person for a period of 48
consecutive months preceding March 11, 1996, will be entitled to four votes per
share.  All other shares will be entitled to one vote per share.  The
discussion on page 26 of this Proxy Statement outlines the procedures for
determining when changes in beneficial ownership are deemed to occur.  The
number of shares outstanding at the close of business on March 11, 1996, was
19,527,723.

         At the Annual Meeting of Stockholders held on May 11, 1995, as
reported in the Certificate of Inspectors of Elections, the number of shares of
Company Common Stock entitled to vote at such meeting was 19,539,095 bearing
45,612,311 votes.  Of such shares 8,691,072 were entitled to four votes per
share and 10,848,023 were entitled to one vote per share.

         Any stockholder giving a proxy has the power to revoke that proxy at
any time before it is voted.  Any proxy which is not revoked will be voted at
the meeting and all proxies will be voted, if no contrary instruction is
indicated on the proxy, FOR the election of the nominees described herein, FOR
approval of the Church & Dwight Co., Inc. Compensation Plan for Directors, FOR
approval of the appointment of Deloitte & Touche as independent auditors,
AGAINST the stockholder proposed resolution relating to the election of
Directors annually and not by class, and AGAINST the stockholder proposed
resolution requesting a program to diversify the membership on the Board of
Directors.

         The presence, in person or by proxy, of the holders of such number of
shares of Company Common Stock as are entitled to cast a majority of the votes,
at the meeting, constitutes a quorum.  Proxies submitted with the votes
withheld for the election of Directors or abstentions with regard to proposals
2, 3, 4 and 5 and broker non-votes are included in determining whether or not a
quorum is present.  Votes will be tabulated by the Company's transfer agent.
Directors are elected by a plurality of the votes cast at the meeting.
"Plurality" means that the nominees who receive the largest number of votes
cast are elected as Directors up to the maximum number of Directors to be
chosen at the meeting.  Consequently, any shares not voted (whether by
abstention, broker non-vote or otherwise) have no impact in the election of
Directors except to the extent the failure to vote for a nominee results in
another nominee receiving a larger number of votes.  The approval of proposals
2, 3, 4 and 5 requires the affirmative vote of such number of shares as are
entitled to cast a majority of the votes present in person or by proxy at the
meeting.  Abstentions are counted as non-affirmative votes on proposals 2, 3, 4
and 5, whereas broker non-votes are not counted in tabulating the votes
thereon.

         Solicitation of proxies is being made by management on behalf of the
Board of Directors through the mail, in person, and by telegraph and telephone
through its regular employees who will not be additionally compensated.  The
cost thereof will be borne by the Company.  The Company has retained D. F. King
& Co., Inc., to aid in the solicitation of proxies for a fee estimated not to
exceed $5,000 plus out-of-pocket expenses.  The Company will also reimburse
brokerage houses and others for forwarding proxy material to beneficial owners.

ELECTION OF DIRECTORS

         The Restated Certificate of Incorporation provides for the division of
the Board of Directors into three classes with the Directors in each class
serving for a term of three years.  At the 1996 Annual Meeting of Stockholders,
four Directors will be elected


                                                                               3

<PAGE>   5
to serve until the 1999 Annual Meeting.  Such Directors will serve until their
successors are elected and qualified.  All nominees are members of the present
Board.

         It is not anticipated that any of the nominees will become unavailable
for any reason, but if that should occur before the Annual Meeting, the persons
named in the form of proxy reserve the right to substitute another of their
choice as nominee in his/her place or to vote for such lesser number of
Directors as may be prescribed by the Board of Directors in accordance with the
Company's Restated Certificate of Incorporation and By-Laws.

         Information concerning the nominees and the continuing members of the
Board of Directors is set out below:

                       STANDING FOR ELECTION--MAY 9, 1996

TERM EXPIRES IN 1996

CYRIL C. BALDWIN, JR.

Mr. Baldwin, 68, is Chairman of the Board of Cambrex Corporation, a specialty
chemicals company.  He became a Director of the Company in 1983.  He currently
serves as a Director of Congoleum, Inc.  He is a member of the Executive and
Compensation & Organization Committees and the Committee on Directors of the
Board.

WILLIAM R. BECKLEAN

Mr. Becklean, 59, is Senior Vice President of Tucker Anthony, Inc., a
full-service regional brokerage and investment banking firm.  He previously
served as Vice President of Kidder, Peabody & Co., Inc. He became a Director of
the Company in 1980.  Mr. Becklean is a member of the Audit and Finance
Committees of the Board.

ROSLNA B. DIXON, M.D.

Dr. Dixon, 53, has been a consultant to the pharmaceutical industry since 1986.
She became a Director of the Company in 1979, currently serves as Chairman of
the Compensation & Organization Committee of the Board and is a member of the
Committee on Directors and the Executive Committee of the Board.

DEAN P. PHYPERS

Mr. Phypers, 67, retired in 1987 as Senior Vice President and Director of
International Business Machines Corporation, a leading manufacturer of
information systems.  He currently serves as a Director of American
International Group, Bethlehem Steel Corporation and Cambrex Corporation.  He
has been a Director of the Company since 1974.  He serves as Chairman of the
Finance Committee and the Committee on Directors, and is a member of the
Executive Committee of the Board.

                              CONTINUING DIRECTORS

TERM EXPIRES IN 1997

ROBERT A. DAVIES, III

Mr. Davies, 60, was elected President of the Arm & Hammer Division on January
26, 1995 and on October 1, 1995 he was elected President and Chief Executive
Officer of the Company.  From 1985 to 1990 he served as President & Chief
Executive Officer and a member of the Board of Directors of California Home
Brands, Inc.  He is a member of the Board of DSLT, Inc., previously Diamond
Crystal Salt, Inc.  He is a member of the Executive Committee of the Board.

JOHN D. LEGGETT, III, PH.D.

Mr. Leggett, 54, is President of Sensor Instruments Co., Inc., a company formed
by him in 1985, which is involved in the design, manufacture and marketing of
environmental sensing instrumentation.  He has been a Director of the Company
since 1979 and currently is a member of the Executive, Audit and Compensation &
Organization Committees of the Board.


                                                                               4

<PAGE>   6
ROBERT A. MCCABE

Mr. McCabe, 61, is President of Pilot Capital Corporation, whose business is
providing equity financing for private companies.  He is a member of the Board
of Directors of Borg-Warner Security Corporation, Morrison-Knudsen Corporation,
Thermo Electron Corporation, and Thermo Instrument Systems. Mr. McCabe is a
Trustee of the American School of Classical Studies at Athens, the Thera
Foundation, Athens College, and the French Library in Boston.  Mr. McCabe has
been a Director of the Company since 1987.  He is a member of the Finance
Committee of the Board.

JARVIS J. SLADE

Mr. Slade, 70, is a partner in Hampton Capital Company, a merchant banking
firm.  Mr. Slade is Chairman of the Board of MCRB Service Bureau Corp., and a
member of the Board of Directors of PrimeEnergy Corporation and Lexington
Management Group.  Mr. Slade has been a Director of the Company since 1970.  He
currently serves as Chairman of the Audit Committee and is a member of the
Executive and Finance Committees of the Board.

TERM EXPIRES IN 1998

ROBERT H. BEEBY

Mr. Beeby, 64, retired in 1991 as President and Chief Executive Officer of
Frito-Lay, Inc., the nation's largest manufacturer of snack food.  Prior to
that, he served as President and Chief Executive Officer of Pepsi-Cola
International.  He currently serves as Chairman of the Board of Service America
Corporation, and is a member of the Board of Directors of the Columbia Gas
System, Inc. and Applied Extrusion Technologies, Inc. He became a member of the
Board in 1992.  He is a member of the Compensation & Organization Committee of
the Board.

J.  RICHARD LEAMAN, JR.

Mr. Leaman, 61, retired in May 1995 as President, Chief Executive Officer of S.
D. Warren Company, a producer of coated printing and publishing papers.  He
retired as Vice Chairman of Scott Paper Company on January 1, 1995, a position
he held since April 1991.  Mr. Leaman is on the Board of Directors of Pep Boys
and S. D. Warren Company, Vice Chairman of the Executive Committee and Board of
Trustees of Widener University, a member of The Conference Board's Council on
Global Business Management and a member of the Dartmouth Alumni Council.  Mr.
Leaman has been a Director of the Company since 1985.  He is a member of the
Audit Committee of the Board.

DWIGHT C. MINTON

Mr. Minton, 61, is Chairman of the Board of the Company.  On October 1, 1995 he
resigned as Chief Executive Officer, a position he held since 1968, and
President.  He currently serves as Vice President and Director of the Greater
Yellowstone Coalition, and is a Director of Crane Co., Medusa Corporation and
First Brands Corporation.  He has been a Director of the Company since 1965 and
serves as Chairman of the Directors' Stock Option Plan, Executive and Loan
Committees of the Board.

JOHN O. WHITNEY

Mr. Whitney, 67, is a Professor and Executive Director, the Deming Center for
Quality Management at Columbia Business School.  He currently serves as a
member of the Board of Directors of the Turner Corporation and Atchison
Castings, Inc. He also serves as Advisory Director of Newsbank.  He became a
member of the Board in October 1992.  He is a member of the Compensation &
Organization Committee of the Board.

         Unless otherwise stated, each Director has served in the principal
business indicated above for the past five or more years.

THE BOARD OF DIRECTORS

         During 1995 there were twelve meetings of the Board of Directors.  All
Directors attended at least seventy-five percent of the total number of
meetings held.

         The Company has an Audit Committee and a Compensation & Organization
Committee, but does not have a Nominating Committee.  The typical duties of a
Nominating Committee, the


                                                                               5

<PAGE>   7
screening and selection of candidates to fill vacancies on the Board of
Directors, are the responsibility of the Committee on Directors.

AUDIT COMMITTEE

         The Audit Committee met three times during 1995.  The Committee's
functions include recommending to the Board of Directors the engaging and
discharging of the independent auditors, reviewing the independence of the
auditors, considering the range of audit and non-audit services and fees, and
reviewing the adequacy of the Company's system of internal accounting controls.

COMPENSATION & ORGANIZATION COMMITTEE

         The Compensation & Organization Committee met six times during 1995.
All members of the Committee are non-employee Directors and are ineligible to
participate in any plans or programs which are administered by the Committee.
The functions performed by the Committee include: the evaluation of the
performance of the Company's Executive Officers; consideration of the design
and competitiveness of the Company's compensation plans; review and approval of
Executive Officer compensation; and administration of the Company's
compensation plans.

COMMITTEE ON DIRECTORS

         The Committee on Directors was established in November 1994.  The
members of the Committee met three times during 1995.  The functions of the
Committee include, among other things, the selection, evaluation and
consideration of candidates for nomination to the Board; and the monitoring and
evaluation of overall Board performance.

EXECUTIVE OFFICERS OF THE COMPANY

         Listed below are the names, ages and positions held with the Company
(as of March 11, 1996) by each Executive Officer.


<TABLE>
<CAPTION>
        NAME                     AGE                                          POSITION
        ----                     ---                                          --------
<S>                              <C>               <C>
Robert A. Davies, III              60(1)           Chief Executive Officer and President
Raymond L. Bendure                 52(1)           Vice President Research and Development
Mark A. Bilawsky                   48(1)           Vice President, General Counsel and Secretary
Mark G. Conish                     43(1)           Vice President Manufacturing and Distribution
Zvi Eiref                          57(1)           Vice President Finance
Michael J. Kenny                   50(1)           Vice President, President Specialty Products Division
Dennis M. Moore                    45(1)           Vice President Administration


Leo T. Belill                      55(2)           Vice President Specialty Products Division
James P. Crilly                    53(2)           Vice President Sales, Arm & Hammer Division
Alfred H. Falter                   46(2)           Vice President Corporate Purchasing
W. Patrick Fiedler                 47(2)           Vice President Marketing
Gary P. Halker                     45(2)           Vice President, Controller and Chief Information Officer
Larry B. Koslow                    44(2)           Vice President Marketing - Personal Care
Ronald D. Munson                   53(2)           Vice President International Operations
Joyce F. Srednicki                 51(2)           Vice President Marketing Household Products
</TABLE>



(1)      Executive Officers serving for such term as the Board of Directors
         shall determine.

(2)      Executive Officers serving for such term as determined by and at the
         discretion of the Chief Executive Officer.

         Mr. Davies was elected President and Chief Executive Officer on
October 1, 1995.  Since January 26, 1995 he had served as President of the Arm
& Hammer Division.  From 1985 to 1990 he served as President & Chief Executive
Officer and a member of the Board of Directors of California Home Brands, Inc.
He is a member of the Board of DSLT, Inc., previously Diamond Crystal Salt,
Inc.

         Mr. Bendure joined the Company on November 1, 1995 as Vice President
Research & Development.  From 1988 to 1993 Mr. Bendure was employed by Colgate
Palmolive Co. as World


                                                                               6

<PAGE>   8
Wide Director, Corporate Technology.  From 1993 to 1995 Mr. Bendure was Senior
Vice President, Optical Research & Development for Allergan.

         Mr. Bilawsky joined the Company in 1976 and in 1979 he became
Associate General Counsel and Tax Counsel.  In 1989 he was elected Vice
President, General Counsel and Secretary of the Company.

         Mr. Conish was appointed Vice President Manufacturing and Engineering
on April 19, 1993 and on November 1, 1994 he became Vice President
Manufacturing and Distribution.  For the previous nineteen years he served in
various management positions, the most recent being Senior Director,
Manufacturing/Engineering.

         Mr. Eiref rejoined the Company on November 1, 1995 as Vice President
Finance, a position he held with the Company from 1979 to 1988.  From 1988 to
1995 Mr. Eiref was employed by Chanel, Inc. as Senior Vice President Finance.

         Mr. Kenny joined the Company in February 1991 as Vice President,
President Specialty Products Division.  For more than 20 years prior to joining
the Company, he was employed by NL Industries, Inc. His most recent positions
were: President and Chief Operating Officer, RHEOX Inc., a wholly-owned
subsidiary of NL Industries; President North American Operations, NL Chemicals,
Inc.; and Director of Sales and Marketing, North American Operations, NL
Chemicals.

         Mr. Moore became Vice President Administration of the Company in May
1989.  He joined the Company in 1980 and in 1984 was elected Vice President
Human Resources.

         Mr. Belill was appointed Vice President and General Manager Basic
Products Group in August 1989.  In April 1991, Mr. Belill became Vice President
Specialty Products Division.  Since joining the Company in 1986 he has held
various General Manager and Vice President positions within the Specialty
Products Division.

         Mr. Crilly joined the Company on February 2, 1995 as Vice President
Sales, Arm & Hammer Division.  From 1989 to 1990, Mr. Crilly was retained by
California Home Brands as Vice President Sales and Marketing.  From 1990 to
1994 he was a partner in California Calamari & Gold Coast Fisheries, Inc.

         Mr. Falter joined the Company on April 30 ,1979 as Plant Controller
and served in various managerial positions until March 1988 when he became
Director, Corporate Purchasing.  On December 16, 1995 Mr. Falter was appointed
Vice President Corporate Purchasing.

         Mr. Fiedler was appointed Vice President Marketing on October 16,
1995.  In 1994 Mr. Fiedler was appointed President of Armand Products Company,
a partnership in which the Company owns a fifty percent interest, after having
previously served as Vice President/General Manager.  Prior to that Mr. Fiedler
was employed by Occidental Chemical Corporation in various sales managerial
positions.

         Mr. Halker joined the Company in 1977 and in 1984 was appointed
Controller of the Company.  On March 8, 1993, Mr. Halker became Chief
Information Officer and on August 30, 1994 he became Vice President and Chief
Information Officer.  On August 11, 1995 he became Vice President, Controller
and Chief Information Officer.

         Mr. Koslow joined the Company on November 20, 1995 as Vice President
Marketing -  Personal Care. For the five years previous Mr. Koslow was employed
by Sterling Winthrop Inc. as Vice President Marketing - Sterling Health Canada
and Category Director, Analgesics - Sterling Health USA.

         Mr. Munson joined the Company in 1983 as Director of Marketing,
Chemicals Division and has served in various managerial positions in sales and
marketing prior to being appointed Vice President and General Manager
Performance Products Group in July 1989. In July 1991 he became Vice President
International Operations.

         Ms. Srednicki was appointed Vice President Marketing Household
Products on October 1, 1995 and has served in various positions in sales and
marketing since 1975, including Director Marketing Laundry Products, Director
Sales Planning & Development and Director Trade Marketing.


                                                                               7

<PAGE>   9
SECURITY OWNERSHIP

         The following persons were known to the Company to be beneficial
owners as of January 1, 1996, of more than five percent of the Company's Common
Stock.  The table is based on reports filed by such persons with the Securities
and Exchange Commission and on other information available to the Company.


<TABLE>
<CAPTION>
NAME AND ADDRESS                     AMOUNT AND NATURE OF             PERCENT
OF BENEFICIAL OWNER                  BENEFICIAL OWNERSHIP           OF CLASS(1)
- -------------------                  --------------------           -----------
                                     SHARES           VOTES
                                     ------           -----
<S>                                <C>            <C>               <C>
Chemical Banking Corporation       1,575,350(2)   1,575,350               8.07
  270 Park Avenue
  New York, New York 10017

Mario J. Gabelli                   1,849,700(3)   1,849,700               9.47
Gabelli Funds, Inc.
  One Corporate Center
  Rye, New York 10580-1434
</TABLE>


         Information, as supplied to the Company by Executive Officers and
Directors, with respect to the beneficial ownership of Company Common Stock by
each Director, each Executive Officer named below, and by all Executive
Officers and Directors as a group, as of March 11, 1996, is set forth in the
table below.  Unless otherwise noted in the footnotes following the table, each
individual had sole voting and investment power over the shares of Company
Common Stock shown as beneficially owned.


<TABLE>
<CAPTION>
                                                                       STOCK
                                                                     OPTION PLAN
                                      AMOUNT AND NATURE OF          FOR DIRECTORS     PERCENT OF
NAME                                  BENEFICIAL OWNERSHIP           (SHARES)(4)       CLASS(1)
- ----                                 -----------------------        -------------     ----------
                                     SHARES             VOTES
                                     ------             -----
<S>                                  <C>            <C>             <C>               <C>
Cyril C. Baldwin, Jr.                11,340(4)         42,360                5,000              --
William R. Becklean                   9,642(4)         32,598                5,000              --
Robert H. Beeby                       7,000(4)         19,000                4,000              --
Robert A. Davies, III                23,496(5)         25,249                   --              --
Rosina B. Dixon, M.D.                28,538(4)(6)     111,008                5,000              --
J.  Richard Leaman, Jr.               8,840(4)         32,360                5,000              --
John D. Leggett, III, Ph.D.           8,840(4)         32,360                5,000              --
Robert A. McCabe                     12,140(4)         45,560                5,000              --
Dwight C. Minton                    663,579(7)      2,417,700                   --            3.19
Dean P. Phypers                      12,240(4)         45,960                5,000              --
Jarvis J. Slade                      13,792(4)         52,168                5,000              --
John O. Whitney                       7,000(4)          7,000                4,000              --
Mark A. Bilawsky                     51,587(8)        168,197                   --              --
James P. Crilly                      10,461(9)         11,844                   --              --
Michael J. Kenny                     39,143(10)       108,272                   --              --
Dennis M. Moore                      25,949(11)        62,696                   --              --
All Executive Officers and                         
  Directors as a group            1,134,841(4)(12)  4,108,999               48,000            5.70
</TABLE>
                                          

(1)      Based solely on the number of outstanding shares; does not take into
         account disparities from pro rata voting rights which may arise due to
         the fact that some shares are entitled to four votes per share and
         some shares are entitled to one vote per share.  Percentage is shown
         only if greater than one percent of the class.

(2)      Chemical Banking Corporation reported sole voting power over 656,448
         shares, and sole investment over 493,498 shares, shared voting power
         over 134,402 shares and shared investment power over 1,081,852 shares.

(3)      Pursuant to Schedule 13D (Amendment No. 4), dated January 2, 1996,
         filed with the Securities and Exchange Commission on behalf of Mr.
         Gabelli and certain affiliates, Gabelli Funds, Inc. and GAMCO
         Investors, Inc. In such Schedule 13D, Mr. Gabelli reported no
         investment or voting power over such shares; Gabelli Funds, Inc.
         reported sole investment and voting power over 348,000 shares and
         GAMCO Investors,


                                                                               8

<PAGE>   10
         Inc. reported sole investment power over 255,700 shares and sole
         voting power over 1,501,700 shares.

(4)      Includes all shares of Company Common Stock which each Director has
         rights to purchase, or will have such rights within sixty (60) days
         from March 11, 1996, under the Stock Option Plan for Directors (see
         discussion on Page 10).

(5)      Includes Mr. Davies' interest in 1,173 shares under the Company's
         Employee Stock Purchase Plan and 469 shares under the Company's
         Investment Savings and Profit Sharing Plans (which shares may be voted
         by participants).

(6)      Includes 4,500 shares held by a trust of which Dr.  Dixon, a Director
         and stockholder of the Company and Kirby Dwight, a stockholder, serve
         as co-trustees.  Dr. Dixon holds shared voting power over such shares.
         Includes 1,048 shares owned by Dr. Dixon's children, as to which
         shares she disclaims any beneficial interest.

(7)      Includes 62,070 shares owned by Mr. Minton as trustee or custodian.
         Includes 82,348 shares owned by Mr. Minton's wife and 81,140 shares
         owned by his daughters, as to which shares he disclaims any beneficial
         interest.  Includes Mr. Minton's interest in 10,026 shares under the
         Company's Employee Stock Purchase Plan and 190,232 shares which Mr.
         Minton has rights to purchase under the 1983 Stock Option Plan.
         Includes Mr. Minton's interest in 60,840 shares under the Company's
         Investment Savings and Profit Sharing Plans (which shares may be voted
         by participants).

(8)      Includes Mr. Bilawsky's interest in 2,860 shares under the Company's
         Investment Savings and Profit Sharing Plans (which shares may be voted
         by participants) and 24,300 shares which Mr. Bilawsky has rights to
         purchase under the 1983 Stock Option Plan.

(9)      Includes Mr. Crilly's interest in 407 shares under the Company's
         Investment Savings and Profit Sharing Plans (which shares may be voted
         by participants).

(10)     Includes Mr. Kenny's interest in 1,892 shares under the Company's
         Investment Savings and Profit Sharing Plans (which shares may be voted
         by participants) and 30,300 shares which Mr. Kenny has rights to
         purchase under the 1983 Stock Option Plan.

(11)     Includes 800 shares owned by Mr. Moore's children, as to which shares
         he disclaims any beneficial interest.  Includes Mr. Moore's interest
         in 1,249 shares under the Company's Investment Savings and Profit
         Sharing Plans (which shares may be voted by participants) and 18,900
         shares which Mr. Moore has rights to purchase under the 1983 Stock
         Option Plan.

(12)     Includes interest of Executive Officers in 97,438 shares under the
         Company's Investment Savings and Profit Sharing Plans (which shares
         may be voted by participants).  Includes interest of Executive
         Officers in 21,465 shares under the Company's Employee Stock Purchase
         Plan and 375,632 shares which Executive Officers and Directors have
         rights to purchase under the 1983 Stock Option Plan and the Stock
         Option Plan for Directors, respectively.

COMPENSATION OF DIRECTORS

         Directors, who are not employees of the Company, were paid an annual
retainer of $16,000 in 1995.  In addition, non-employee Directors were paid
$1,000 for each Board meeting attended.  Each non-employee Director who was
Chairman of either the Audit, Compensation & Organization, Employee Benefits or
Finance Committees or the Committee on Directors, was paid $1,600 for each
committee meeting attended and all other non-employee Directors were paid $800
for each committee meeting attended.  Non-employee Directors receive no other
compensation from the Company and do not participate in any of the Company's
compensation plans except for the Stock Option Plan for Directors described
below.  The compensation of each non-employee Director for 1995 did not exceed
$44,000.

         Compensation earned by each Director may be deferred pursuant to the
Deferred Compensation Plan for Directors, at the discretion of such Director,
until such time as the Director ceases to be a Director for any reason.
Compensation deferred in this manner shall be recorded in a ledger account and
shall be deemed to be invested in Company Common Stock for purposes of
determining earnings and losses in such ledger account.  Actual shares of
Company Common Stock will not be held in such account and as such each


                                                                               9

<PAGE>   11
participating Director shall have no voting or investment rights for such
"shares".  Dr. Dixon, Mr. Slade and Mr. Whitney have each elected to defer
compensation as described herein and as of December 31, 1995, the following
represents the number of "shares" represented by amounts held in their ledger
accounts: Dr. Dixon 8,883 shares, Mr. Slade 8,332 shares and Mr. Whitney 3,235
shares.

         Mr. Dwight C. Minton, Chairman of the Board, retired as Chief
Executive Officer and President of the Company on October 1, 1995.  Effective
on such date the Company retained the services of Mr. Minton as a consultant at
a rate of $250,000 per annum.  The term of such consulting arrangement shall
continue until December 31, 1996.  In addition, the Company has agreed to
continue Mr.  Minton's medical benefits and provide office space and
administrative support during the term of the consulting agreement.  The
Company has further agreed that outstanding stock options granted to Mr. Minton
shall not expire upon his termination of employment with the Company.  Mr.
Minton's right to exercise such stock options shall continue for the ten-year
period commencing on the date of grant.  Mr. Minton shall receive no other fees
relating to his service as Director and shall not be eligible to participate in
the Compensation Plan for Directors to be voted on by stockholders at this
meeting.



         STOCK OPTION PLAN FOR DIRECTORS The Board of Directors of the Company
adopted, on February 27, 1991, the Stock Option Plan for Directors (the
"Plan"), which was approved by the stockholders at the May 9, 1991 Annual
Meeting and became effective January 1, 1991.  Stock Options are granted to all
non-employee Directors of the Company ("Participant").

         The Plan authorizes the granting of options to purchase shares of
Company Common Stock ("Stock") at the fair market value on the date of grant.
The maximum term during which these options may be exercised is ten years,
subject to a three-year vesting period.  The options shall be exercised only by
the Participant during his/her lifetime and only transferred by will or the
laws of descent and distribution.

         Participants shall be granted an option to purchase 1,000 shares of
Stock each year on the date on which the Company holds its Annual Meeting
during the term of the Plan, except that a Participant's initial option grant
shall be 3,000 shares of Stock.

         The total number of shares that may be issued pursuant to options
under the Plan cannot exceed 500,000 shares of Stock (adjusted for stock
splits, stock dividends and the like).

COMPENSATION OF EXECUTIVE OFFICERS

         The following table sets forth information concerning annual
compensation paid or accrued by the Company during the fiscal years ended
December 31, 1993, 1994 and 1995 to, or for, the Chief Executive Officer, each
of the next four highest paid Executive Officers of the Company, whose total
annual salary and bonus exceeded $100,000 as of December 31, 1995, and Mr.
Deasey (whose employment with the Company terminated on October 3, 1995).


                                                                              10

<PAGE>   12
SUMMARY COMPENSATION TABLE


<TABLE>
<CAPTION>
                                                                                               LONG-TERM
                                                           ANNUAL COMPENSATION                COMPENSATION
                                                           -------------------              -----------------
                                                                                            AWARDS       LTIP      
                                                                           OTHER ANNUAL     ------       ----      ALL OTHER
                                                                             COMPEN-       OPTIONS                COMPENSATION
NAME AND PRINCIPAL POSITION                YEAR      SALARY     BONUS(1)     SATION(2)(3)  (SHARES)    PAY-OUTS    (4)(5)(6)
- ---------------------------                ----      ------     --------   --------------  -------     --------    ---------
<S>                                        <C>      <C>         <C>        <C>             <C>         <C>         <C>
DWIGHT C. MINTON                           1995     $327,506    $150,000     $152,955(7)        --           --     $ 46,754
Chairman of the Board                      1994      441,786         -0-      116,155(7)   116,300           --       36,931
                                           1993      417,000     125,000       91,646(7)    23,400           --       91,955

ROBERT A. DAVIES, III                      1995      292,426     182,900       27,815       20,000           --       20,471
Chief Executive Officer                    1994           --          --           --           --           --           --
and President                              1993           --          --           --           --           --           --

MARK A. BILAWSKY                           1995      162,249      96,800      232,966(8)        --           --       13,880
Vice President, General                    1994      155,421         -0-       42,433       23,700           --        6,854
Counsel and Secretary                      1993      139,846      46,900       23,022        4,800       68,385       20,527

JAMES P. CRILLY                            1995      156,118      59,600        3,025           --           --        5,778
Vice President Sales Arm &                 1994           --          --           --           --           --           --
Hammer Division                            1993           --          --           --           --           --           --

MICHAEL J. KENNY                           1995      223,507     125,400      229,279(8)        --           --       18,599
Vice President,                            1994      220,035         -0-       46,379       40,200           --       12,199
President Specialty                        1993      206,154      58,800       25,304        9,000           --       32,059
Products Division

DENNIS M. MOORE                            1995      187,688      95,300      253,836(8)        --           --       22,711
Vice President                             1994      184,441         -0-       51,643       30,000           --       12,111
Administration                             1993      172,385      57,800       24,630       16,500           --       32,355

ANTHONY P. DEASEY                          1995      155,887      63,000      213,136(8)        --           --      238,558(9)
Vice President                             1994      205,143         -0-       43,108       35,400           --        9,943
Finance and Chief                          1993      193,385     112,250(10)   25,814        7,300       94,565(11)   32,417
Financial Officer
</TABLE>



(1)      Represents incentive compensation payments under the Company's Annual
         Incentive Compensation Plan (as discussed on page 17).

(2)      Includes premiums paid for long-term disability insurance, liability
         insurance and medical reimbursement plans.  Total premiums paid on
         behalf of named individuals were as follows for 1995, 1994 and 1993,
         respectively: D.C. Minton $20,586, $16,722, $17,156; R.A. Davies, III
         $27,815, --, --; M.A. Bilawsky $14,648, $10,046, $12,017; J.P. Crilly
         $3,025, --, --; M.J. Kenny $15,760, $11,666, $12,024; D.M. Moore
         $14,684, $10,767, $11,175; A.P. Deasey $14,497, $10,720, $11,140

(3)      Includes interest paid by the Company in accordance with the Executive
         Stock Purchase Plan (described on Page 17).  Total interest paid on
         behalf of named individuals was as follows for 1995, 1994 and 1993
         respectively: D.C. Minton $44,978, $32,387, $11,005; M.J. Kenny
         $44,978, $32,387, $11,005; M.A. Bilawsky $44,978, $32,387, $11,005;
         D.M. Moore $44,978, $32,387, $11,005; A.P. Deasey $36,747, $32,387,
         $11,274.

(4)      Includes Company contributions, vested and unvested, under the
         Company's Investment Savings Plan and Profit Sharing Plan.  Total
         contributions on behalf of named individuals were as follows for 1995,
         1994 and 1993, respectively: D.C. Minton $7,500 $4,500, $16,478; R.A.
         Davies, III $4,500, --, --; M.A. Bilawsky $8,844, $3,204, $18,306;
         J.P. Crilly $3,906, --, --; M.J. Kenny $7,994, $4,500, $18,397; D.M.
         Moore $13,456, $4,500, $20,292; A.P. Deasey $8,084, $4,500, $19,052.

(5)      Includes compensation deferred pursuant to a deferred compensation
         agreement with the Company, providing certain plan contributions above
         Internal Revenue Code limits.  Such amounts are not deferred at the
         request of the individual or the Company.  Total compensation deferred
         on behalf of named individuals was as follows for 1995, 1994 and 1993,
         respectively: D.C.  Minton $20,864, $12,772, $57,392; R.A.


                                                                              11

<PAGE>   13
         Davies, III $4,200, $--, $--; M.A. Bilawsky $1,938, $134, --; J.P.
         Crilly $394, --, --; M.J.  Kenny $5,269, $2,101, $8,631; D.M. Moore
         $3,846, $1,033, $6,335; A.P.  Deasey $4,894, $1,654, $9,333.

(6)      Includes premiums paid for life insurance plans.  Total premiums paid
         on behalf of named individuals were as follows for 1995, 1994 and
         1993, respectively: D.C.  Minton $18,390, $19,659, $18,085; R.A.
         Davies, III $11,771, --, --; M.A. Bilawsky $3,098, $3,516, $2,221;
         J.P. Crilly $1,478, --, --; M.J. Kenny $5,336, $5,598, $5,031; D.M.
         Moore $5,409, $6,578, $5,728; A.P. Deasey $3,313, $3,789, $4,032.

(7)      Includes administrative services provided to Mr. Minton for personal
         use for 1995, 1994 and 1993, respectively: $57,381, $54,855 and
         $51,168.

(8)      Includes debt forgiveness and income tax indemnity in connection with
         the termination of the Executive Stock Purchase Plan as described on
         page 18.  Total amount paid on behalf of named individuals in 1995 was
         as follows:  M.A. Bilawsky $165,409; M.J. Kenny $165,409; D.M. Moore
         $165,409; A.P. Deasey $153,417.

(9)      Includes $222,267 paid to, or on behalf of, Mr. Deasey in connection
         with his termination of employment on October 3, 1995.

(10)     Includes additional compensation paid to Mr. Deasey in the form of
         Company Common Stock, with a fair market value at the time of grant of
         $47,750 for 1993 in connection with his commencement of employment.

(11)     Under the terms of the Long-Term Performance Plan, Mr. Deasey received
         $31,525 in cash and 1,970 shares of Company Common Stock with a fair
         market value of $32.00 per share as of the date of the pay-out in 1993
         and Mr. Bilawsky received $22,795 in cash and 1,424 shares of Company
         Common Stock with a fair market value of $32 per share as of the date
         of the pay-out in 1993.



         The following table sets forth information with respect to grants of
stock options for the Executive Officers named in the Summary Compensation
Table during 1995 pursuant to the 1983 Stock Option Plan.(1).  Also shown are
hypothetical gains for each option based on assumed rates of annual compound
stock price appreciation of five percent and ten percent from the date the
options were granted over the full option term.

OPTION GRANTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995


<TABLE>
<CAPTION>
                                                           INDIVIDUAL GRANTS               
                                       -----------------------------------------------------      POTENTIAL REALIZABLE VALUE
                                                    % OF TOTAL                                      AT ASSUMED ANNUAL RATES
                                                      OPTIONS                                           OF STOCK PRICE
                                                    GRANTED TO      EXERCISE                       APPRECIATION FOR OPTION
                                       OPTIONS     EMPLOYEES IN      PRICE        EXPIRATION          TERM (10 YEARS)(2)
NAME                                   GRANTED      FISCAL YEAR    ($/SHARE)         DATE          5% ANNUAL      10% ANNUAL
- ----                                   -------      -----------    ---------         ----          ---------      ----------
<S>                                    <C>          <C>            <C>            <C>              <C>            <C>
Dwight C. Minton                             --             --              --             --               --             --
Robert A. Davies, III                    20,000          20.96         $17.625        1/25/05         $221,684       $561,793
                                         20,000          20.96          19.625        7/26/05          246,839        625,542
Mark A. Bilawsky                             --             --              --             --               --             --
James P. Crilly                          10,000          10.48           18.25        2/02/05          114,772        290,857
Michael J. Kenny                             --             --              --             --               --             --
Dennis M. Moore                              --             --              --             --               --             --
Anthony P. Deasey                            --             --              --             --               --             --
</TABLE>



(1)      Stock options, under the 1983 Stock Option Plan, are granted to
         management employees, including Executive Officers, giving optionees
         the right to purchase shares of Company Common Stock over a ten-year
         period, subject to a three-year vesting period, at the fair market
         value per share on the date of grant.

(2)      These amounts represent assumed rates of appreciation only.  Actual
         gains, if any, on stock option exercises are dependent on the future
         performance of the Company Common Stock and overall market conditions.
         There can be no assurances that the amounts reflected in this table
         will be achieved.


                                                                              12

<PAGE>   14
         The following table sets forth information for the Company's option
plans with respect to stock option exercises by the Executive Officers named in
the Summary Compensation Table during 1995, including the aggregate value of
gains on the date of exercise.  Also shown are the (i) number of shares covered
by both exercisable and unexercisable stock options as of December 31, 1995,
and (ii) values for in-the-money options which represent the spread between the
exercise price of such stock options and the price of Company Common Stock as
of December 31, 1995.

                AGGREGATED OPTION EXERCISES FOR THE FISCAL YEAR
                    ENDED DECEMBER 31, 1995 AND OPTION VALUE
                              AT DECEMBER 31, 1995


<TABLE>
<CAPTION>
                                                                    NUMBER OF UNEXERCISED     VALUE OF UNEXERCISED
                                       SHARES                               OPTIONS            IN-THE-MONEY OPTIONS
                                      ACQUIRED                              -------            ------------------------
                                         ON           VALUE                        UNEXER-                      UNEXER-
NAME                                  EXERCISE      REALIZED      EXERCISABLE      CISABLE     EXERCISABLE      CISABLE
- ----                                  --------      --------      -----------      -------     -----------      -------
<S>                                   <C>           <C>           <C>              <C>          <C>             <C>
Dwight C. Minton                       16,800       $162,750         190,232        139,700     $409,088        $91,162
Robert A. Davies, III                      --             --              --         40,000           --         17,500
Mark A. Bilawsky                           --             --          24,300         28,500       49,749         20,350
James P. Crilly                            --             --              --         10,000           --          2,500
Michael J. Kenny                           --             --          30,300         49,200           --         31,487
Dennis M. Moore                         7,281         40,402          18,900         46,500           --         23,512
Anthony P. Deasey(1)                   20,000        162,600              --             --           --             --
</TABLE>
              

(1)      Mr. Deasey's employment with the Company terminated on October 3,
         1995.


         EMPLOYMENT SEVERANCE AGREEMENTS The Company had a policy of entering
into Employment Severance Agreements with certain Executive Officers which
provided for benefits upon certain terminations of employment within three
years after a "Change of Control" (as defined in the agreement).

         Effective December 31, 1995 all Employment Severance Agreements were
terminated.


                                                                              13

<PAGE>   15
                 COMPARISON OF TEN-YEAR CUMULATIVE TOTAL RETURN
                 AMONG COMPANY, PEER GROUP(1) AND S&P 500 INDEX


                                    [GRAPH]


<TABLE>
<CAPTION>
                                                   HOUSEHOLD
   MEASUREMENT PERIOD                               PRODUCTS
  (FISCAL YEAR COVERED)          COMPANY               INDEX          S&P 500
  <S>                            <C>               <C>                <C>
          1985                     64.75               33.96            53.81
          1986                     68.12               43.26            63.86
          1987                     73.15               49.90            67.21
          1988                     64.25               53.74            78.37
          1989                    104.55               84.14           103.20
          1990                    100.00              100.00           100.00
          1991                    171.66              116.50           130.47
          1992                    181.90              130.51           140.41
          1993                    166.97              145.25           154.56
          1994                    108.47              157.65           156.60
          1995                    113.98              220.67           215.45
</TABLE>







<TABLE>
<CAPTION>
                               FIVE-YEAR                 TEN-YEAR
                             AVERAGE ANNUAL           AVERAGE ANNUAL
                                 RETURN                   RETURN    
                             --------------           --------------
<S>                          <C>                      <C>
COMPANY                            2.6                      5.8
S&P                               16.6                     14.9
HOUSEHOLD PRODUCTS                17.2                     20.6
</TABLE>



                                                                              14

<PAGE>   16
                  COMPENSATION & ORGANIZATION COMMITTEE REPORT

         The Company's executive compensation program is determined and
administered by the Compensation & Organization Committee of the Board of
Directors (the "Compensation Committee"), which is composed of Dr.  Dixon
(Chairman) and Messrs. Baldwin, Beeby, Leggett and Whitney, all of whom are
non-employee Directors.  The Compensation Committee is responsible for all
compensation decisions regarding the Company's Executive Officers, subject to
the approval of the Board of Directors(1).  Decisions relating to the Chief
Executive Officer's compensation are subject to the approval of all the
non-employee Directors.

COMPENSATION PHILOSOPHY

         The Company's Mission Statement calls for performance "in the top
quarter of American businesses." In order to attain this objective, the Company
believes that it must be able to attract, motivate and retain qualified people
with the talent, skills and abilities to enable the Company to achieve such
results.  Accordingly, the Compensation Committee has established a
compensation program that is competitive in the markets in which the Company
competes for management talent.

         The executive compensation program is comprised of base salary, annual
incentive compensation and long-term incentive compensation components.  The
level of total compensation for Executive Officers (including the Executive
Officers named in the foregoing tables) is intended to be comparable, to the
level of total compensation paid to executives with comparable responsibilities
in a peer group of companies identified by the Company, using external surveys,
as being competitive for personnel with the Company.  From such surveys
compensation paid to executives is adjusted to reflect the relative size
differences of the companies contained in the group.  The peer group is
intended to represent a sufficient sample size to enable the Company to get a
true reading on executive compensation although it is not necessarily the same
companies with which the Company would meaningfully compare its performance in
the marketplace.  The Compensation Committee generally seeks to maintain annual
compensation (base salary and annual incentive compensation) and welfare
benefits at an average level, perquisites at a lower than average level, and
long-term incentive compensation at a higher than average level, as compared
with similar types of compensation paid to executives in the peer group.  It
should be noted that the incentive compensation component of executive
compensation tends to be more performance sensitive, both individual and
Company performance, than the other compensation components.  The Compensation
Committee gives emphasis to long-term incentive compensation in the form of
stock options, because such compensation places the Executive Officers of the
Company in the same position as long-term stockholders.  As a result, business
decisions are improved and Executive Officers receive gains that are consistent
with those realized by stockholders of the Company.

         The following is a discussion of each of the elements of the Company's
executive compensation program, along with a discussion of actions taken by the
Compensation Committee with respect to the Chief Executive Officer's
compensation.

BASE SALARY

         Base salary for each Executive Officer is determined using two
factors: (i) the performance of the individual Executive Officer and (ii) a
comparison of such Executive Officer's base salary to that of his/her
counterparts in the Company's peer group as shown in the periodic external
salary surveys described above.  The more important of these two factors is the
evaluation of the Executive Officer's performance, including such Executive
Officer's level of responsibility, his/her contribution to the achievement of
the Company's strategic operating objectives and other performance goals
established by the Executive Officer to whom such Executive Officer reports (or
for the area or department in which such Executive Officer works).  These
objectives and goals are specific to both the Company's performance and the
individual Executive Officer's performance.

(1)      With the exception of decisions as to awards granted under certain of
         the Company's employee benefit plans, which are made solely by the
         Compensation Committee in order for such plans to satisfy the
         disinterested administration requirement of Rule 16b-3 under the
         Securities Exchange Act of 1934.


                                                                              15

<PAGE>   17
         Among the Company's performance criteria, approved by the Board of
Directors and used by the Compensation Committee, in determining base salary
are: (i) the Company's financial performance compared with its performance in
the prior year, including the Company's overall financial condition, return on
equity and amount of sales and (ii) the achievement of the Company's overall
business plan including earnings per share for the prior fiscal year.
Performance management goals for each Executive Officer (or for the area or
department of his/her responsibility) are established by the Executive Officer
to whom such Executive Officer reports, the level of achievement of which for
the prior year is used by the Compensation Committee in determining the base
salary of such Executive Officer.  Factors taken into account in determining
the individual or group performance goals are: (i) such Executive Officer's
ability to develop personnel within the area of his responsibility, (ii) the
achievement of quality improvement objectives, and (iii) certain other
objectives specific to such Executive Officer's area or department of
responsibility.  The base salaries paid to Executive Officers in 1995 were
based upon the above criteria, including the Company's lackluster financial
performance in 1994, compared with the prior year.

         After each Executive Officer's base salary is determined by the
Compensation Committee using the foregoing criteria, the Compensation Committee
may adjust the base salary of such Executive Officer if the Compensation
Committee determines that such salary is not competitive with that of
comparable executives in the Company's peer group or for other reasons
consistent with the Compensation Committee's policy to attract, motivate and
retain qualified Executive Officers.  Base salaries paid to Executive Officers
in 1995 were primarily at the median level in comparison with the Company's
peer group.

ANNUAL INCENTIVE COMPENSATION

         Annual incentive compensation awards for Executive Officers are
awarded under the Company's Incentive Compensation Plan and are based on both
corporate and individual performance.  The size of the aggregate incentive
compensation pool, if any, from which individual annual bonuses are paid, is
based on an amount of the Company's after-tax profits that may be payable as
incentive compensation to participants assuming achievement of the Company's
performance targets and average performance by individual participants.  The
aggregate incentive compensation award pool is either increased or decreased,
depending on the percentage by which actual operating earnings per share
exceeds or falls short of the target operating earnings per share approved by
the Board of Directors for the relevant fiscal year.  For each one percent that
actual operating earnings per share exceeds the target operating earnings per
share, the aggregate award pool is increased by two percent.  Conversely, for
each one percent that actual operating earnings per share is less than the
target operating earnings per share, the aggregate award pool is decreased by
four percent.

         After the amount of the aggregate award pool is determined using the
foregoing method, each individual Executive Officer's annual incentive
compensation is determined by the Compensation Committee using the applicable
percentage of base salary for each such Executive Officer.  The applicable
percentage of base salary is determined in accordance with the Company's
Incentive Compensation Plan and ranges from thirty to fifty percent depending
on the position and level of the Executive Officer with the Company.  The
individual bonuses can be higher or lower based on criteria evaluated by the
Compensation Committee, including: (i) such Executive Officer's achievement (or
contribution to the achievement by such Executive Officer's department or area
of responsibility) of personal targets and objectives and (ii) the evaluations
and recommendations of the Chief Executive Officer and Human Resources
Department as to such Executive Officer's annual incentive compensation.  The
personal targets and objectives are the same as those described above used by
the Compensation Committee in determining such Executive Officer's base salary.

         Additionally, the Compensation Committee may adjust the amount of the
incentive compensation award pool and individual incentive compensation awards
if, in any given year, unusual or nonrecurring factors affect the operating
earnings of the Company in a manner which is not reflective of the actual
performance of the Company or Executive Officers for such year.

         The Compensation Committee intends for the incentive compensation
awards paid to Executive Officers to be competitive with those paid to
comparable executive officers in the Company's peer group.  In any particular
year the incentive compensation level of each Executive Officer may be higher
or lower than that of the peer group executives as a result of such Executive
Officer's level of achievement of the specific performance-related goals.


                                                                              16

<PAGE>   18
         For 1995, in accordance with the terms of the Incentive Compensation
Plan, the aggregate incentive compensation pool was increased by eight percent
as a result of operating earnings exceeding target operating earnings by four
percent.  Additionally, in January 1996, the Compensation Committee reviewed
each Executive Officer's performance for 1995 using the criteria discussed
above and determined the incentive compensation to be awarded to each Executive
Officer for the year.  The incentive compensation awarded to each Executive
Officer named in the foregoing tables is reflected in the Summary Compensation
Table on page 11.  The incentive compensation awards paid to Executive Officers
for 1995 were substantially at the median level in comparison with the
Company's peer group.

LONG-TERM AND OTHER COMPENSATION

         In addition to the base salary and annual incentive compensation
components of Executive Officers' compensation, the total compensation for
Executive Officers includes a long-term incentive component in the form of
stock options granted under the Company's 1983 Stock Option Plan.  The
Compensation Committee believes that stock ownership encourages management to
enhance stockholder value.  Stock option grants are intended to motivate and
reward Executive Officers and other key management employees for improving the
overall financial condition of the Company over a period of time.  The 1983
Stock Option Plan is also intended to induce continued employment of key
management employees with the Company and, by offering incentives comparable to
those offered by the Company's peer group, to enable the Company to compete
for, attract and retain skilled management personnel.  The Company encourages
participants in the plan to hold the shares of Company Common Stock received
through the exercise of stock options so that the participants' interest will
continue to be aligned with the long-term interests of the stockholders of the
Company.  The amount of options currently held by Executive Officers is not a
factor in determining the amount of stock options to be granted under the Plan.

         Stock options granted to management employees, including Executive
Officers, give optionees the right to purchase shares of Company Common Stock
over a ten-year period subject to a three-year vesting period, at the fair
market value per share on the date of grant.  Generally, the number of options
granted to an Executive Officer is based on a percentage of the Executive
Officer's base salary, determined by the Compensation Committee considering the
recommendations of the Human Resources Department, and the market price per
share on the date of grant.  The determination of such percentage of base
salary takes into account the Executive Officer's responsibilities with the
Company (i.e., more options are given to employees and executives in higher
levels and positions).  Options are generally granted on an annual basis to
each Executive Officer, and the number of options granted is periodically
evaluated to ensure that the Company maintains a compensation program for each
Executive Officer in accordance with the Compensation Philosophy discussed on
page 15.  In May 1994, stock options were granted to the Executive Officers
using the foregoing criteria.

         In addition to the aforementioned, on December 21, 1994, the Board of
Directors, upon the recommendation of the Compensation Committee, approved the
1994 Incentive Stock Option Plan.  The 1994 Incentive Stock Option Plan, which
contains substantially similar terms to those terms contained in the 1983 Stock
Option Plan, is designed to provide long-term incentives to retain current
employees with the requisite skills and abilities to enable the Company to
return to the high level of financial performance which has been enjoyed by
stockholders in years past.  In December 1994, stock options were granted to
management employees, including Executive Officers, using the above criteria.
As a result of this additional stock option grant in 1994, stock options were
not granted to management employees in 1995 under either plan, with the
exception of those management employees, including Executive Officers,
commencing employment with the Company in 1995.  Such stock options to
Executive Officers named in the foregoing tables are included in the Option
Grant Table on page 12.

         Effective May 26, 1993, the Company adopted, and the Board of
Directors approved, the Executive Stock Purchase Plan whereby certain Executive
Officers, including each Executive Officer named in the foregoing tables, with
the exception of Messrs. Davies and Crilly, purchased 10,000 shares of
restricted Company Common Stock at a price of $32.25 per share, the market
price on the date of purchase.  The objective of the Executive Stock Purchase
Plan was, in part, to further align the interests of the plan participants with
the long-term interests of stockholders.  The Company has the right to
repurchase such shares, at fair market value, in the event of such
participant's retirement, death, or termination of employment.  The
transactions were financed by loans to each participant by a financial
institution, which were guaranteed by the Company.  In addition, the interest
accruing on such loans is paid by the Company on behalf of each participant.


                                                                              17

<PAGE>   19
         Effective May 25, 1994, the Board of Directors approved an additional
purchase by certain Executive Officers, including each Executive Officer named
in the foregoing tables, with the exception of Messrs. Davies and Crilly, of
10,000 shares of restricted Company Common Stock each pursuant to the Executive
Stock Purchase Plan.  The purchases were made at a price of $22.625 per share,
the market price on the date of such purchases.  These purchases were financed
under the same terms and conditions as the initial financing discussed above.

         On September 27, 1995 the Company acquired the loans entered into
pursuant to the Executive Stock Purchase Plan, at face value, from the
financial institution from which the original loans were obtained.  Mr. Davies,
upon his election as Chief Executive Officer and President (see below),
determined that given the financial circumstances presently facing the Company
and each plan participant that the objective of the plan was no longer being
met.  Accordingly, effective on October 2, 1995 each participant in the plan
transferred 15,000 shares of Company Common Stock, acquired pursuant to the
plan, to the Company at a price equal to the fair market value on the date of
such transfer.  The proceeds of such transaction were used to reduce the
respective outstanding loan balance of each such participant.  In addition, a
portion of each loan balance was forgiven by the Company in an amount equal to
the excess of the original purchase price over the fair market value of the
stock on the date of such transfer.  The Company has further agreed to
indemnify each participant, on an after-tax basis, for the income tax impact of
the loan forgiveness.  The remaining loan balances were satisfied by each
participant through personal funds or loans obtained by each participant from a
financial institution.  Such loans are guaranteed by the Company.  Effective
December 31, 1995 the Executive Stock Purchase Plan was terminated.

         The Company adopted its Long-Term Performance Plan, effective January
1, 1988, but terminated the plan effective December 31, 1990.  Awards granted
prior to December 31, 1990, remain outstanding and will be valued and paid in
accordance with the Long-Term Performance Plan.  As a result, the foregoing
tables indicate that Messrs. Bilawsky and Deasey each received payments under
this plan.  No additional awards were granted in 1994 nor will any future
awards be granted under this plan.

         The Compensation Committee has not yet adopted a policy regarding
Section 162(m) of the Internal Revenue Code as amended by the Omnibus Budget
Reconciliation Act, which provides in part for a $1 million annual limitation
on the deduction by the Company of compensation paid to any Executive Officer
for federal income tax purposes.

         The Internal Revenue Code of 1986, as amended, places maximum
limitations on the amount of annual contributions which may be made to
tax-qualified retirement plans.  Accordingly, the Company has adopted a
Deferred Compensation Plan under which contributions are made for the benefit
of certain Executive Officers, in such amounts which are determined in
accordance with such retirement plans but exceed these limitations.

CHIEF EXECUTIVE OFFICER COMPENSATION

         On October 1, 1995, Mr. Minton resigned as the Chief Executive Officer
and President of the Company.  He continues as Chairman of the Board.  Also on
such date, Mr. Davies was elected Chief Executive Officer and President.  The
Compensation Committee evaluates the performance of the Company's Chief
Executive Officer, and determines the amount of total compensation, which is
subject to approval of the non-employee members of the Company's Board of
Directors.

         The Compensation Committee's bases for determining the total
compensation for the Chief Executive Officer are substantially the same as
discussed above with respect to the Company's Executive Officers.  As with the
other Executive Officers, the Compensation Committee seeks to maintain the
Chief Executive Officer's base salary at a level competitive with chief
executive officers of other companies in the Company's peer group, although the
Chief Executive Officer's base salary and incentive compensation are more
significantly affected by the Company's performance and individual performance
in each year.

         Mr. Minton's compensation for 1995, which was substantially at the
median level with respect to the Company's peer group, was determined, in part,
upon the failure of the Company to achieve its 1994 profit plan.  The
Compensation Committee also made a judgment as to the quality of the Company's
earnings, as well as the overall health of the Company's businesses and the
financial condition of the Company.  Additionally, the Compensation Committee
recognized that Mr. Minton has served as Chief Executive Officer


                                                                              18

<PAGE>   20
of the Company since 1968 and took into account the length and significance of
his service to the Company and the Company's substantial growth and superior
performance during this period.  Mr. Minton's base salary for 1995 reflected
the Company's operating results in 1994.

         Given the Company's financial performance in 1995, Mr. Davies' base
salary was set at a level below the median level with respect to the Company's
peer group, reflecting the Compensation Committee's desire to place more
emphasis on his performance based compensation such as incentive compensation
and stock options.

         In January 1996, the Compensation Committee reviewed Mr. Minton's
performance for 1995 and determined in its judgment that, because the Company
modestly exceeded its target operating earnings per share, and factoring in Mr.
Minton's individual rating, Mr.  Minton should receive the annual incentive
compensation as set forth in the foregoing compensation table.  Mr. Minton's
incentive compensation as a percentage of base salary for 1995 was
approximately forty-six percent or slightly below the target percentage of
fifty percent.  Mr. Minton did not receive an incentive compensation award for
1994. For 1993 Mr. Minton received a reduced award as a result of the incentive
compensation award pool being decreased and Mr. Minton's less than target
individual rating.  Mr. Minton's incentive compensation award in 1995 places
him at the median level in comparison with the Company's peer group.

         Also in January 1996, the Compensation Committee reviewed the
performance of Mr. Davies, including the portion of 1995 prior to Mr. Davies
assuming the position of Chief Executive Officer, and determined that Mr.
Davies should receive the incentive compensation award set forth in the
foregoing compensation table.  Mr. Davies incentive compensation as a
percentage of base salary for 1995 was approximately sixty-three percent or
greater than his target percentage of fifty percent.  This reflects the fact
that the Company modestly exceeded its target operating earnings in 1995 and
the steps implemented by Mr. Davies intended to restore the Company's financial
health to levels previously enjoyed by stockholders.  Mr. Davies incentive
compensation award in 1995 was at the median level in comparison with the
Company's peer group.

         Consistent with other Executive Officers of the Company, Mr. Minton
did not receive a stock option grant in 1995.  Mr.  Davies received two stock
option grants in 1995, the first in January upon his commencement of employment
with the Company and the second in October upon his assuming the position of
Chief Executive Officer.  These option grants are reflected in the foregoing
option grant table.


SUBMITTED BY THE COMPENSATION & ORGANIZATION COMMITTEE OF THE COMPANY'S BOARD
OF DIRECTORS:

Rosina B. Dixon, M.D., Chairman
Cyril C. Baldwin, Jr.
Robert H. Beeby
John D. Leggett, III, Ph.D.
John O. Whitney

TRANSACTIONS WITH MANAGEMENT

         In January 1995 the Company extended demand loans to Dennis M. Moore,
Vice President Administration, and Mark A. Bilawsky, Vice President, General
Counsel and Secretary, in the amounts of $300,000 and $125,000, respectively,
with interest imputed at an annual rate equal to the prime rate plus one
percent.

         On August 22, 1995 Mr. Bilawsky repaid his loan in its entirety.  Mr.
Moore repaid his loan in its entirety on September 5, 1995.

         During 1995, the Company periodically engaged Munson Placement
Service, Inc. to provide personnel services.  Ronald D. Munson, Vice President
International Operations, is the Secretary and forty percent stockholder of the
Munson Placement Service, Inc. and his spouse is the President and sixty
percent stockholder.  In 1995, the Company paid approximately $68,000 to Munson
Placement Service, Inc. Such transactions were made in the course of ordinary
business practices.


                                                                              19

<PAGE>   21
SECURITIES EXCHANGE ACT REPORTS

         Under Section 16(a) of the Securities Exchange Act of 1934 (the
"Exchange Act"), the Company's Directors, its Executive Officers, and persons
holding more than ten percent of the Company Common Stock are required to
report their initial ownership of the Company's Common Stock and any changes in
such ownership to the Securities and Exchange Commission and the New York Stock
Exchange.

         Specific due dates for reports required under Section 16(a) have been
established, and the Company is required to report in this Proxy Statement any
failure to file by these dates during 1995.  To the Company's knowledge, based
on information furnished to the Company, all of these filing requirements were
satisfied for 1995, except that (i) Mr. Dwight C. Minton, Chairman of the
Board, inadvertently filed one late report relating to fourteen transactions in
Company Common Stock and (ii) Mr. Gary P. Halker, Vice President, Controller
and Chief Information Officer, inadvertently filed one late report relating to
one transaction in Company Common Stock.   All other reports for Messrs. Minton
and Halker were filed timely.


                                                                              20

<PAGE>   22
                               PROPOSAL TO ADOPT
                           CHURCH & DWIGHT CO., INC.
                        COMPENSATION PLAN FOR DIRECTORS


         The Board of Directors of the Company adopted, on December 13, 1995,
the Compensation Plan For Directors (the "Plan") and has directed that it be
submitted to stockholders for approval at the Annual Meeting.  The primary
purpose of the Plan is to attract and retain qualified outside Directors whose
services are considered essential to the long-term growth and prosperity of the
Company.

         If approved by stockholders, the Plan will be effective January 1,
1996.  With the exception of Mr. Minton, only those Directors who are not
full-time employees of the Company are eligible to participate in the Plan
("Participant").

         A copy of the Plan is annexed to this Proxy Statement as Exhibit A,
and the summary of the Plan, presented below, is qualified by reference to the
full text of the Plan.

SUMMARY OF THE PLAN

         The Plan provides for the payment of Director's compensation in the
form of Company Common Stock at the end of each calendar year in the year in
which such compensation was earned.  On the first stock trading day in January
the fees to be paid to each Director for the calendar year (see Director
compensation discussion on page 9), shall be converted into shares of Company
Common Stock, rounded up to the nearest whole share.  For example, if a
Director is to receive $16,000 for the annual retainer and $1,000 for each
Board Meeting attended and the closing price of Company Common Stock on the
first trading day in January is $19.375 per share, then the fees, calculated in
terms of shares of Company Common Stock, would be 825.8 shares, rounded to 826
shares, for the annual retainer, and 51.6 shares, rounded to 52 shares, for
each meeting attended.

         On the first stock trading day following the Company's regularly
scheduled Board Meeting in December the compensation earned by each Director
shall be converted into dollars using the closing price of Company Common Stock
on such day.  Each Participant may elect to receive up to fifty percent of such
redetermined compensation in cash, the remainder to be paid in the form of
Company Common Stock.  The Company Common Stock to be issued and cash
compensation to be paid by December 31 of such year.

         The total number of shares of Company Common Stock that may be issued
pursuant to the Plan cannot exceed 200,000 shares (adjusted for stock splits,
stock dividends and the like).

FEDERAL INCOME TAX TREATMENT

          The Participant shall recognize, as compensation income, an amount
equal to the cash compensation received, if any, and the number of shares of
Company Common Stock received multiplied by the closing price of the Company
Common Stock on the first trading day following the Company's regularly
scheduled Board Meeting in December.  The Company will be entitled to a
deduction for federal income tax purposes in the same amount.

VOTE REQUIRED

         The Board of Directors recommends that Stockholders vote "FOR" the
proposed Compensation Plan For Directors.

 The affirmative vote of such number of shares as shall be entitled to cast a
majority of the votes represented in person or proxy at the Annual Meeting is
required for the approval of the Plan.


                                                                              21

<PAGE>   23
                            APPOINTMENT OF AUDITORS

         Upon the recommendation of the Audit Committee of the Board of
Directors, the Board appointed Deloitte & Touche as independent auditors for
the Company to examine its consolidated financial statements for 1996, and
requests that the stockholders approve such appointment.  The Board of
Directors may review its selection if the appointment is not approved by the
stockholders.  Deloitte & Touche has served as auditors of the Company since
1969.

         The Company has been informed that neither Deloitte & Touche, nor any
member of the firm, has any relationship with the Company or its subsidiaries,
other than that arising from such firm's employment as described above.  A
representative of Deloitte & Touche will be in attendance at the Annual Meeting
to respond to appropriate questions and will be afforded the opportunity to
make a statement at the meeting, if he desires to do so.

                        STOCKHOLDER PROPOSAL RELATING TO
              THE ELECTION OF DIRECTORS ANNUALLY AND NOT BY CLASS

         Mr. John J. Gilbert of 1165 Park Avenue, New York, New York
10128-1210, the beneficial owner of 1,670 shares, has indicated that the
following resolution will be introduced at the meeting:

                 RESOLVED: That the stockholders of Church & Dwight Co., Inc.,
         assembled in annual meeting in person and by proxy, hereby request
         that the Board of Directors take the needed steps to provide that at
         future elections of directors new directors be elected annually and
         not by classes, as is now provided, and that on expiration of present
         terms of directors their subsequent election shall also be on an
         annual basis.

                 REASONS: Support along the lines we suggest were shown at the
         last annual meeting when 8.39% or 3,431,830 votes were cast in favor
         of this proposal (information regarding number of shareholders is
         unavailable).

         ARCO to its credit, voluntarily ended theirs stating that when a very
         high percentage (34.6%) desired it to be changed to an annual election
         it was reason enough for them to change it.  Several other companies
         have also followed suit such as: Pacific Enterprises, Katy Industry,
         Hanover Direct. A few years ago my resolution on the subject was
         withdrawn when the Westinghouse directors agreed to end their stagger
         system.  At the recent Lockheed-Martin merger the stagger system was
         ended and also at a special merger meeting of First Commerce
         Corporation in 1995.  Further, Allegheny Power System tried to put in
         a stagger system, as well as take away cumulative voting, and the
         stockholders defeated it, showing stockholders are interested in their
         rights.

         Because of the normal need to find new directors and because of
         environmental problems and the avalanche of derivative losses and many
         groups desiring to have directors who are qualified on the subjects,
         we think that ending the stagger system of electing directors is the
         answer.  In addition, some recommendations have been made to carry out
         the CERES 10 points.  The 11th, in our opinion, should be to end the
         stagger system of electing directors and to have cumulative voting.

         Equitable Life Insurance Company, which is now called Equitable
         Companies, converted from a policy owned company to a public
         stockholder meeting.  Thanks to AXA, the comptrolling French insurance
         company not wanting it they do not have a staggered board.

         Orange and Rockland Utility Company had a terrible time with the
         stagger system and its 80% clause to recall a director.  The chairman
         was involved in a scandal effecting the company.  Not having enough
         votes the meeting to get rid of the chairman had to be adjourned.
         Finally, at the adjourned meeting enough votes were counted to recall
         him.

         If you agree, please mark your proxy FOR; otherwise it is
         automatically cast against it, unless you have marked to abstain.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE AGAINST THIS PROPOSAL.
 

                                                                              22

<PAGE>   24
         Similar proposals were submitted to stockholders by Mr. Gilbert at the
1989, 1990, 1994 and 1995 Annual Meeting of Stockholders.  In each instance the
proposal was overwhelmingly rejected by stockholders.  In 1995, 91.7% of the
votes were cast against the proposal, including 2.2% abstentions.

         Article FIFTH of the Company's Certificate of Incorporation provides
for the Board of Directors to be divided into three classes with the terms of
each class expiring in successive years.  This provision was submitted to
stockholders at the 1980 Annual Meeting of Stockholders, and overwhelmingly
approved by more than 97% of the votes cast.

         The Board of Directors continues to believe that electing Directors by
classes is in the best interest of the Company's stockholders, since it helps
to insure the continuity and stability of Company leadership and Board policy.
Because only approximately one-third of the Directors are elected each year
(barring death, resignation, or removal of Directors) under the classification
system, at any given time more than a majority of the Directors will have been
Directors of the Company for at least one year.

         The classification of the Board also makes it more difficult for a
large stockholder to abruptly change the entire Board of Directors, without the
support of the Directors who are in office.  This improves the ability of the
Board of Directors to act on behalf of the stockholders by encouraging those
who might seek to acquire control of the Company, to engage in meaningful
arm's-length negotiations with the Company's Board of Directors, to permit the
Board of Directors to make informed decisions, after receiving and analyzing
all relevant information with respect to any offer, and evaluate economic
alternatives to obtain the best possible value for stockholders.

         For these reasons, the Board of Directors believes that the adoption
of this proposal would not be in the best interest of stockholders and
recommends a vote "AGAINST" this proposal.

         The affirmative vote of such number of shares as shall be entitled to
cast a majority of the votes represented in person or proxy at the Annual
Meeting is required for approval of this proposal.

STOCKHOLDER PROPOSAL RELATING TO DIVERSITY OF MEMBERSHIP ON THE BOARD OF
DIRECTORS.

         The Sisters of Saint Ursula, of 139 South Mill Road, Rhinebeck, New
York 12572, the beneficial owners of 2000 shares have indicated they will
introduce the following resolution at the meeting:

                 We believe the employee and board composition of major
         corporations should reflect the people in the workforce and
         marketplace of the 21st century if our company is going to remain
         competitive.  Our employees, customers and stockholders are now made
         up of a greater diversity of backgrounds than ever before.  The
         Department of Labor's 1995 bi-partisan Glass Ceiling Commission report
         "Good for Business: Making Full Use of the Nation's Human Capital"
         confirms diversity and inclusiveness in the workplace has a positive
         impact on the bottomline.  A report of Standard and Poor 500 companies
         provided by Covenant Fund revealed "...firms that succeed in
         shattering their own glass ceiling racked up stock-market records that
         were nearly 2 1/2 times better than otherwise - comparable companies."

         In 1994 the Investor Responsibility Research center reported
         inclusiveness at senior management and board levels was only 9% of the
         fortune 500 companies in a comparable workforce of 57% diversity.  The
         Glass Ceiling Commission reported that companies are selecting from
         only half of the talent in our workforce.  Therefore we urge our
         corporation to enlarge its search for the best qualified board members
         by casting a wider net.  If we are to be prepared for the 21st century
         we must learn how to compete in a growing diverse global market place
         by promoting and selecting the best people regardless of race, gender
         or their physical challenges.  We believe the judgements and
         perspectives of a diverse board would serve to improve the quality of
         corporate decision-making.

         Since the board of directors is responsible for representing
         shareholders' interests in corporate meetings, a growing proportion of
         stockholders are now attaching value to board inclusiveness.  A 1994
         Investor Responsibility Research Center Survey revealed 37% of
         respondents cited board diversity as the influencing factor for
         supporting votes.


                                                                              23

<PAGE>   25
         The Teachers Insurance and Annuity Association and College Retirement
         Equities Fund, the largest institutional investor in the United
         States, issued a set of corporate governance guidelines including a
         call for "diversity of directors by experience, sex, age and race."

         THEREFORE BE IT RESOLVED:  shareholders request that the Board of
         Directors commit our company to report on progress to establish a
         high-performance and inclusive board which will more adequately assist
         the shareholders and the company by June 1996.  The report will be at
         reasonable expense and will include:

                 1.  A statement of policy publicly committing to board
         inclusiveness with the CEO's steps and timeliness to accomplish this
         goal.

                 2.  A report informing the shareholders on the board candidacy
         process including:

                 a.  What role the CEO, top management and shareholders
                 currently have in the determination of candidates.

                 b.  Criteria for board candidate qualifications.

                 c.  A description of the board candidate selection process.

                 d.  A description of how board members are selected for board
                 committees.

                 e.  How we could create a more diverse nominating committee.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE AGAINST THIS PROPOSAL.

         A similar proposal was submitted to stockholders at last year's Annual
Meeting.  At such meeting, 95.7% of the votes were cast against the proposal,
including 3.7% abstentions.

         The Company's Mission Statement calls for the Company to seek to
attain and maintain performance "in the top quarter of American businesses." In
order to further the achievement of this objective, the Committee on Directors
of the Board, which functions as a nominating committee, seeks to select and
recommend qualified persons for nomination as directors based on their
individual talents, experience, functional skills and abilities without regard
to race, religion, national origin and gender.

         The Board believes that to require the preparation of narrowly-focused
reports or the establishment of specific quotas and arbitrary deadlines could
impede or limit the selection and nomination process.  Rather, the Board
believes that the objective of the selection and nomination process should be
to produce a pool of qualified candidates with diverse backgrounds that will
complement the skills and backgrounds of the other members of the Board.

         The Board believes that the interests of the Company and its
stockholders are best served by having a highly qualified and independent Board
with diverse backgrounds.  The Company has taken appropriate steps to create
such a Board.  The Board and the Committee on Directors are committed to a
selection and nomination process that functions without regard to the race,
religion, national origin and gender of potential candidates.  The Board
believes that this commitment is more meaningful to stockholders and the
community at large than the matters requested in the proponent's proposal.

         Accordingly, the Board recommends that stockholders vote "AGAINST" the
stockholder proposal relating to diversity of membership on the Board of
Directors.

         The affirmative vote of such number of shares as shall be entitled to
cast a majority of the votes represented in person or proxy at the Annual
Meeting is required for the approval of this proposal.

                                 OTHER BUSINESS

         The Management is not aware of any matters, other than as indicated
above, that will be presented for action at the meeting.  However, if any other
matters properly come before the meeting, it is understood that the persons
named in the enclosed form of proxy intend to vote such proxy in accordance
with their best judgment on such matters.


                                                                              24

<PAGE>   26
         Stockholders' proposals for the 1997 Annual Meeting of Stockholders
must be received no later than December 1, 1996, at the executive offices of
the Company, 469 North Harrison Street, Princeton, New Jersey 08543-5297,
Attention: Secretary, in order to be considered for inclusion in the Company's
Proxy Statement for such meeting.

                                 ANNUAL REPORT

         The Annual Report to Stockholders of the Company for 1995, including
financial statements, is being furnished, simultaneously with this Proxy
Statement, to all stockholders of record as of the close of business on March
11, 1996, the record date for voting at the Annual Meeting.


                                        MARK A. BILAWSKY
                                        Vice President, General Counsel
                                        and Secretary


Princeton, New Jersey
April 1, 1996


                                                                              25

<PAGE>   27
                     PROCEDURES FOR DETERMINING CHANGES IN
                  BENEFICIAL OWNERSHIP OF COMPANY COMMON STOCK

         Effective February 19, 1986, the Restated Certificate of Incorporation
of Church & Dwight Co., Inc. (the "Company") was amended (the "Amendment") to
provide that, subject to the provisions below, every share of Company Common
Stock is entitled to four votes per share if it has been beneficially owned
continuously by the same holder (i) for a period of 48 consecutive months
preceding the record date for the Stockholders' Meeting; or (ii) since February
19, 1986.  All other shares carry one vote.

         In general, the Amendment provides that a change in beneficial
ownership of a share of Company Common Stock occurs whenever any change occurs
in any person or group who has or shares voting power, investment power or the
right to receive sale proceeds with respect to such share.

         In the absence of proof to the contrary, provided in accordance with
the procedures referred to below, a change in beneficial ownership shall be
deemed to have occurred whenever a share of Company Common Stock is transferred
of record into the name of any other person.

         In the case of a share of Company Common Stock held of record in the
name of a corporation, partnership, voting trustee, bank, trust company,
broker, nominee or clearing agency, or in any other name except a natural
person, there shall be presumed to have been a change in beneficial ownership
in such share within the 48 months preceding the record date, unless it has
been established to the contrary pursuant to such procedures.

         There are several exceptions and qualifications to the terms of the
Amendment described above, including, but not limited to, a change in
beneficial ownership as a result of a gift or inheritance.  For a copy of the
complete Amendment, please contact the Company at 469 North Harrison Street,
Princeton, New Jersey 08543-5297, Attn: Secretary.

         Stockholders who hold their Shares in "street name" or through any
other method specified above are required to submit proof of continued
beneficial ownership to the Company in order to be entitled to four votes per
share.  Such proof must consist of a written certification by the record owner
that there has been no change in beneficial ownership (as defined in the
Amendment) during the relevant period.  The required form for this
certification will be the completion of the section provided on the proxy card
which indicates the number of one-vote shares, four-vote shares and total
number of votes.  The Company reserves the right, however, to require evidence
in addition to the certification in situations where it reasonably believes an
unreported change may have occurred.  Proof (including certifications) will be
accepted only if it is received by the Company at least five days before the
date for the Stockholders' Meeting.

         The Company will notify stockholders of record who are natural
persons, in advance of a Stockholders' Meeting, of the Company's determination
as to the number of shares for which they are entitled to four votes per share
and the number of shares for which they are entitled to one vote per share.
This determination will be shown on the proxy cards for such stockholders.
Stockholders of record who disagree with such determination may certify that no
change in beneficial ownership has occurred during the relevant period, by
following the same procedure set out in the previous paragraph for other
stockholders, with the same reserved right of the Company to require additional
evidence.


                                                                              26

<PAGE>   28
                           CHURCH & DWIGHT CO., INC.

                         Stockholder Certification Form
                                    for the
                         Annual Meeting of Stockholders
                                       on
                                  May 9, 1996

                    USE ONLY IF YOU CLAIM MORE VOTING RIGHTS
                       THAN INDICATED ON YOUR PROXY CARD.

The Undersigned certifies that:

         1.  Of the  shares of the Company's Common Stock held of record by the
Undersigned on March 11, 1996  shares have been beneficially owned continuously
by the same person for 48 consecutive months preceding the record date; and

         2.  (Applicable only to stockholders who are natural persons)--the
following is a statement supporting why the Undersigned disagrees with the
Company's determination of the voting power (as shown on the proxy card) to
which the Undersigned is entitled in connection with the Annual Meeting:





                                        Dated:




                                                     Signature of Stockholder(s)

Please sign exactly as your name appears on the proxy card for the meeting.
When shares are held by joint tenants, both should sign.  When signing as
attorney, executor, administrator, trustee or guardian, please give full title
as such.  If a corporation, please sign in full corporate name by President or
other authorized officer.  If a partnership, please sign in partnership name by
authorized person.

The certification should be returned to:


                                        Church & Dwight Co., Inc.
                                        469 North Harrison Street
                                        Princeton, New Jersey 08543-5297
                                        Attention: Secretary





                                                                              27

<PAGE>   29
                                   APPENDIX A

                           CHURCH & DWIGHT CO., INC.
                        COMPENSATION PLAN FOR DIRECTORS


1.       PURPOSE:  Church & Dwight Co., Inc. (the "Company") is facing rapid
changes in its markets and increasing complexity of its operations.  The
purpose of the Compensation Plan for Directors (the "Plan") is to provide a
program which will enable the Company to attract and retain well-qualified
persons for service as members of the Company's Board of Directors and in so
doing, more closely align the interests of the Directors with those of the
stockholders through the ownership of Common Stock of the Company, par value
$1.00 per share (the "Common Stock"), by Directors.  The Plan is intended to
encourage long-term ownership in the Company.  An aggregate of 200,000 shares
of Common Stock is reserved for issuance under the Plan.  Such shares may be
authorized and unissued shares or treasury shares.

2.       EFFECTIVE DATE:  The Plan was adopted by the Board of Directors of the
Company (the "Board") on December 13, 1995, and shall be effective as of
January 1, 1996 (the "Effective Date"), subject to the approval of the Plan by
the stockholders of the Company at the Annual Meeting of Stockholders on May 9,
1996.

3.       ELIGIBILITY:  All Directors of the Company who are not full-time
employees of the Company are eligible to participate in the Plan (the
"Participants").

4.       DETERMINATION OF FEES: In December of each year, the Board of
Directors, pursuant to authority granted under Article III, Section 6 of the
Company's By-Laws, will establish Directors compensation for the next calendar
year (the "Compensation Year"), both as to the annual retainer and meeting fees
for regularly scheduled Board of Directors meetings and meetings of Committees
of the Board.

5.       DETERMINATION OF COMPENSATION IN COMMON STOCK:  Beginning with the
Compensation Year commencing on the Effective Date and for each Compensation
Year thereafter, all fees paid to each Director for such Compensation Year,
including the annual retainer and all meeting fees, shall be calculated in
shares of Common Stock.  This calculation shall be made by dividing each of
such fees by the closing price for a share of Common Stock as reported on the
New York Stock Exchange on the first trading day in January of such
Compensation Year.  For the purpose of this calculation, fractional shares
shall be counted as whole shares.  (For example if the fees for a Director, as
determined in Section 4, are $16,000 for the annual retainer and $1,000 for
each meeting attended, and the closing price of Common Stock on the first
trading day in January is $19.375 per share, then the fees, calculated in terms
of shares of Common Stock, would be 825.8 shares, rounded to 826 shares, for
the annual retainer, and 51.6 shares, rounded to 52 shares, for each meeting
attended.)

6.       CASH OPTION, ISSUANCE OF COMMON STOCK:  On the first trading day
following the Board's regularly scheduled meeting in December of each
Compensation Year, the compensation earned by each Participant, including any
Director who became a member of the Board during the Compensation Year, shall
be converted into dollars by multiplying the number of shares of Common Stock
earned by each Participant during the Compensation Year by the closing price of
Common Stock as reported in the New York Stock Exchange on such date (the
"Redetermined Compensation").  Each Participant may elect to receive up to
fifty percent (50%) of the Redetermined Compensation in cash by providing
written notice of such election to the Company's Secretary.  Such notice must
be received not later than five (5) calendar days following the December
meeting of the Board.  In the event notice is not received by the Secretary by
such date then the Participant shall receive his/her compensation entirely in
Common Stock.  The Redetermined Compensation less the amount elected to be
received in cash shall be paid to the Participant in the form of Common Stock
using the closing price as described above.  The number of shares of Common
Stock to be issued must be a whole number, therefore, the amount of cash to be
distributed will be adjusted accordingly.  The shares of Common Stock and cash
compensation, if any, shall be remitted to each Participant by December 31 of
the Compensation Year.

7.       RIGHTS NOT TRANSFERABLE:  The rights of a Participant under the Plan
are not transferable by a Participant other than pursuant to the laws of
descent and distribution as provided herein.


                                                                              28

<PAGE>   30
8.       ADMINISTRATION:  The Plan shall be administered, and the provisions
interpreted, by a committee of at least three persons (all of whom shall be
persons not eligible to participate in the Plan and thereby disinterested)
having full authority to act (the "Committee").  The members of the Committee
shall be the Chief Executive Officer, the Vice President Finance and the
Secretary of the Company.  The Committee shall record its proceedings under the
Plan.

9.       AMENDMENT OF THE PLAN:  The Board of Directors of the Company may, at
any time, or from time to time, change or amend this Plan, as it deems
advisable; provided, however, no amendment to the Plan shall be made without
approval of the Company's stockholders if the effect of such amendment would be
to (a) increase the number of shares reserved for issuance hereunder; (b)
change the requirements for eligibility hereunder or (c) materially modify the
method for determining the number of shares to be granted hereunder.

10.      TERMINATION OF THE PLAN:  This Plan may be terminated at any time, at
         the discretion of the Board.

11.      GOVERNING LAW:  This Plan and all determinations made and actions
taken pursuant thereto shall be governed by the laws of Delaware.


                                                                              29

<PAGE>   31
                                        CHURCH &
                                        DWIGHT CO.,INC.
                                        1996



                                                                       NOTICE OF
                                                                  ANNUAL MEETING
                                                                 OF STOCKHOLDERS
                                                                             AND
                                                                 PROXY STATEMENT



                                                                    MEETING DATE
                                                                     May 9, 1996



                                        (LOGO)

                                        Consumer and Specialty Products


Church & Dwight Co., Inc.
469 North Harrison Street
Princeton, New Jersey 08543-5297


                                                                              30

<PAGE>   32
SIDE 1                                                                APPENDIX B
              PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
                           CHURCH & DWIGHT CO., INC.
             469 NORTH HARRISON STREET, PRINCETON, N.J. 08543-5297

The Undersigned, having received the Notice of Meeting and Proxy Statement
dated April 1, 1996, hereby appoints ROSINA B. DIXON, M.D., JOHN D. LEGGETT,
III, Ph.D. and DWIGHT C. MINTON, and each of them, proxies, each with power to
appoint his/her substitute, to vote all shares of stock which the Undersigned
is entitled to vote at the Annual Meeting of Stockholders of Church & Dwight
Co., Inc. to be held on Thursday, the 9th day of May, 1996 at THE ASIA SOCIETY,
725 Park Avenue, New York, New York, at 11:00 o'clock a.m., and at all
adjournments thereof, upon such matters as may properly come before the meeting
and the following items as set forth in the Notice of Meeting and Proxy
Statement:

         THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR ITEMS 1, 2 AND 3.

         1. Election of Nominees for Directors listed below (except as marked
            to the contrary below).   

            FOR [ ]   WITHHOLD AUTHORITY [ ]

            Nominees: Cyril C. Baldwin, Jr., William R. Becklean, Rosina B.
            Dixon, M.D. and Dean P. Phypers.  

            INSTRUCTION: To withhold authority to vote for any nominee(s), print
P           such nominee's name(s) in the space provided below.

R
    -------------------------------------------------------------------------   
O
         2. Approval of the Compensation Plan for Directors.
X
            FOR  [ ]     AGAINST  [ ]    ABSTAIN  [ ]
Y
         3. Approval of appointment of Deloitte & Touche as independent auditors
            of the Company's 1996 financial statements.

            FOR  [ ]     AGAINST  [ ]    ABSTAIN  [ ]

================================================================================
         THE BOARD OF DIRECTORS RECOMMENDS A VOTE AGAINST ITEM 4 AND 5.

         4. A Stockholder proposal relating to the election of Directors
            annually and not by class.

            FOR  [ ]      AGAINST  [ ]    ABSTAIN  [ ]

         5. A Stockholder proposal requesting a program to diversify the
            membership on the Board.

            FOR  [ ]      AGAINST  [ ]    ABSTAIN  [ ]
================================================================================

         6. Transaction of such other business as may properly be brought before
            the meeting or any adjournments thereof.

================================================================================

IF NO CONTRARY INSTRUCTION IS GIVEN, THIS PROXY WILL BE VOTED FOR ITEMS 1, 2 AND
 3; AND AGAINST ITEMS 4 AND 5. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE
ELECTION OF DIRECTORS AND FOR APPROVAL OF ITEMS 2 AND 3. THE BOARD OF DIRECTORS
                    RECOMMENDS A VOTE AGAINST ITEMS 4 AND 5.


                                                                              31

<PAGE>   33
                                                     (continued on reverse side)


SIDE 2





Your vote is important.  If you own shares which are entitled to four votes per
share, you must indicate this below in the space provided, or it will be
assumed that your shares will be entitled to one vote each.  Please provide the
total number of one-vote shares, the total number of four-vote shares and the
total number of votes in the spaces below.





         Dated                                                      , 1996
              ------------------------------------------------------      


         Signature
              -------------------------------------------------------------

         Signature
              -------------------------------------------------------------

         TOTAL One-Vote Shares                  x 1                         
                             ------------------    -------------------------
         TOTAL Four-Vote Shares                 x 4                         
                             ------------------    -------------------------
         TOTAL NUMBER OF VOTES                                               
                             -----------------------------------------------




         Please sign exactly as name appears hereon. Where shares are held
         jointly, each holder should sign. Executors, administrators, trustees
         and others signing in a representative capacity should so indicate. If
         a signer is a corporation, please sign the full corporate name by an
         authorized officer.





     PLEASE SIGN AND RETURN PROMPTLY IN THE ENCLOSED POSTAGE-PAID ENVELOPE.


                                                                              32