Coca Cola has announced large bonuses for its executives last year. In a filing to the Securities and Exchange Commission yesterday, the company revealed that it paid US$8.4m in bonuses to its top six executives in 2003. Chairman and chief executive Doug Daft was paid $1.5 million in salary and a $4 million bonus last year, unchanged from 2002.

In the filing, Coke said that Daft was not granted any stock options or performance share units for the 2004-2006 period because of his decision to step down later this year. He also did not earn any long-term cash incentives for the performance period ended 31 December 2003 because the firm's actual economic profit and average operating profit margin for the three-year period fell below targets.

Despite this, Coke praised Daft for making considerable progress last year and achieving the goals that were set when he became chairman. "Specifically, he has helped to restore key bottler, regulatory and customer relationships, expanded the company's family of beverages, championed the world's most admired brand and positioned the company for its next stage of growth," the filing said.

The filing also showed that Coke paid $1.5 million to president Steve Heyer, $874,531 to executive vice president Alexander Allan, $650,000 to chief financial officer Gary Fayard, $589,875 to executive vice president Mary Minnick and $787,000 to former vice chairman Brian Dyson.

Coke cut its workforce last year by 3,700, a reduction of 7% of its staff.