US: Coca-Cola CEO earnings drop in 2009
Kent earned $18.8m in 2009
The Coca-Cola Co awarded its chairman and CEO US$18.8m worth of compensation last year, according to recent figures.
The amount, taken from a US Securities and Exchange Commission filing on Friday (5 March) was a 16% drop on the $22.4m awarded to Muhtar Kent in 2008.
The figure was made up of $1.2m in salary, which remained unchanged from last year, $5.5m of non-equity incentive pay, $7.4m of options and $659,000 of ‘other’ compensation.
Compensation also included $4.02m representing a change in pension value. The CEO did not receive a pay increase this year.
Coca-Cola said the committee discussed Kent’s base pay in light of his “strong performance”.
“Mr Kent’s base pay is competitive from a market perspective when compared with the data from the peer group. The committee determined not to increase Mr Kent’s base pay at this time and instead focus on variable rewards related to performance,” the firm said.
“Mr Kent continued to lead and focus our company and our system on not wasting the global economic crisis, resulting in solid and strong results for 2009. Despite the very challenging global economic environment, the company delivered consistent, sustainable, quality growth: growing volume and profits in line with the company’s long-term targets on a full-year basis.”
In 2009, Coca-Cola earned $6.82bn, an 18% increase on 2008, while revenues were down 3% to $30.99bn.
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