The Coca-Cola Company, the world's biggest soft drink producer, is to pay out US$1.1m in a lump sum to its former executive vice president and chief marketing officer, Stephen C. Jones, who resigned in March.

Jones apparently resigned to pursue other interest.

According to the company's quarterly report filed with the Securities and Exchange Commission, Jones will remain as an employee at his current salary until June 1, which will be his separation date.

However Jones' performance-based restricted stock award of 75,000 shares will be forfeited June 1. But he will receive an annual incentive based on his performance in 2002, payable in 2003.