US: Coke CEO given mega-bucks bonus incentive
The chief executive of the Coca-Cola Co. can expect a healthy bonus if he meets his profit goals. In a regulatory filing yesterday (23 February), the company said that Neville Isdell will receive a performance award of company shares currently valued at almost US$9m if he hits the targets.
The company said in the filing to the Securities and Exchange Commission that the maximum award Isdell would receive, based on how much the company's earnings per share grow between now and 2007, would be 209,610 shares. At the close of trade yesterday (23 February), the shares stood at US$42.58, making this worth US$8.93m.
The award was approved by the compensation committee of Coke's board of directors at a meeting on 17 February, the filing said. Specific details of what targets Isdell must meet to gain the maximum award were not disclosed, but the filing said that his target award is 139,740 shares, which would be worth US$5.95m based on yesterday's close.
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