US: Former Coke chief's severance released
Details surrounding the severance package given to the Coca-Cola Co.'s former North American president and COO have been revealed. According to a filing yesterday with the Securities and Exchange Commission, Jeffery T. Dunn, who announced that he was standing down in December last year, was given a package worth about US$4m.
The package included two years' salary, a $750,000 "transition payment" and the release of 50,000 previously restricted stock shares. In return, Dunn agreed not to work for any of Coke's competitors for two years.
Although the exact amount of Dunn's annual salary was not disclosed, it is thought he was on a similar wage to Coke's other heads of operating groups who each received about $500,000 a year. The stock shares are worth about $2.5m.
In December last year, the company said that Dunn was leaving to pursue "his own entrepreneurial goals."
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