The Coca-Cola Co.'s new marketing chief is in line to receive millions of dollars in compensation, according to a recent filing.

The soft drinks company unveiled in its quarterly report to the Securities and Exchange Commission yesterday (24 October), that the recently-appointed Joseph Tripodi shall receive a one-time US$2m contribution to the company's deferred compensation plan.

The letter gives details of Tripodi's employment contract, such as a salary of $525,000 per annum and a $500,000 introductory bonus to be received within 30 days of the start of employment, as well as a one-time restricted stock grant to the tune of $2m.

The company also promised to award Tripodi with a one-time stock option, worth an estimated $1.5m at his first compensation committee meeting and other benefits such as financial planning, pension plans, country club membership and private medical and dental care.

Tripodi, who was previously senior vice president and chief marketing officer for Allstate Insurance, was hired by TCCC to begin work from 4 September, leading the company's global marketing and commercial organisations.

Before then, Tripodi had served as chief marketing officer for The Bank of New York and Seagram Spirits & Wine Group, as well as holding executive roles with both MasterCard International and Mobil Oil Corp.