US: Coke CEO's earnings to match his predecessor
Coca-Cola Co. will pay its chairman the same amount as his predecessor, in spite of issuing a profits warning last week.
Neville Isdell, the company's chairman and chief executive, will be paid US$1.5m a year, the same base salary as Doug Daft, who earned the same during most of his time in the position.
According to regulatory filings, Daft's salary remained unchanged from August 2000 to 2003.
In a filing with the US Securities and Exchange Commission on Friday (17 September), Coke said that in addition to his base salary, Isdell will also participate in the company's annual incentive long-term equity programmes.
The compensation package comes in addition to Isdell's previously announced stock option award of 450,000 options and a restricted stock award of 140,000 shares, the company said.
Last week, the Atlanta-based company lowered its earnings estimates for the second half of 2004, re-forecasting its outlook to 46-48 cents per share for its third quarter, down 15% from analysts' expected earnings of 54 cents per share. The price of Coke's shares fell to a 16-month low on the back of the announcement.
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