US: Coca-Cola Enterprises CEO’s earnings disclosed

By | 10 March 2008

Coca-Cola Enterprises' has detailed the amount of compensation its boss in a proxy statement filed with the Securities and Exchange Commission.

According to the SEC filing, issued late last week, CCE president and CEO John Brock received compensation valued at US$12.9m last year.

Brock's compensation package was 14% lower than it was in 2006, when he earned $15.1m which had been boosted by stock and stock options. During 2007, awarded stock and stock options granted were valued at $9.9m.

Last year however, Brock earned more in base salary than in the previous year due to having only been at the company for seven months during 2006.

In 2007, Brock received about $1.1m in salary and earned a performance-based bonus of $1.5m as well as being paid $343,807 in other compensation, or perks. These perks included: personal use of the company plane, company contributions to savings and retirement plans and company-paid premiums for coverage under a long-term disability plan, said the filing.

The marketer, distributor and producer of Coca-Cola_Co. products said last month that the net loss of US$1.14bn in 2006 was turned around in 2007, hitting a profit for the year of $711m. Total sales for the year also rose, by 5.5% to $20.94bn, despite a 2% slip in sales volumes in North America. Operating profit also reversed the loss in 2006 at $1.49bn, moving into the black to the tune of $1.47bn.

Sectors: Soft drinks, Water

Companies: Coca-Cola Enterprises

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