You are hereHave a Coke, have a thirsty pay packet
Have a Coke, have a thirsty pay packet
The New York Times - Coca-Cola chairman and chief executive Neville Isdell earned $US7.5 million ($9.62 million) in salary, incentive pay and perks in 2006, the soft drink maker reported.
But including stock options and awards, pension benefits, deferred compensation and other benefits, Mr Isdell's total compensation reached $US32.3 million in 2006, according to a filing on Friday with the US Securities and Exchange Commission.
The SEC requires publicly traded companies to disclose annually the compensation for the top five highest paid employees. New rules this year greatly expand how companies disclose compensation.
Mr Isdell's pay included a one-time cash award of $US5.5 million based on the company's total performance for the year, as determined by Coke's board of directors using a preset award range. That was up from the $US4.5 million bonus Mr Isdell received in 2005.
His base salary was unchanged in 2006 at $US1.5 million.
In addition to the cash and benefits compensation, Mr Isdell received stock awards and options now worth about $US19.4 million, according to the SEC filing. He won't be able to cash in these awards and options until the company meets certain financial targets or he remains with the company for a set period of time.
Mr Isdell received other pension benefits and deferred compensation worth about $US5.4 million.
His perks included the use of the company's corporate jet, a car and driver and security that were all worth about $US320,000, according to Coke's filing.
President and chief operating officer Muhtar Kent received about $US6.3 million in total compensation, including a base salary of $US773,077 and $US1.8 million in incentive pay. Mr Kent was promoted to Coke's No. 2 position in December after serving as an executive vice-president in charge of international operations.
Coca-Cola's annual shareholders' meeting is on April 18 in Wilmington, Delaware.
The agenda includes a shareholder proposal to limit the top five executives to $US500,000 in compensation a year plus nominal perks. Another would limit awards of restricted company stock to executives.
Also on Friday, Coca-Cola said it had reorganised its North American operations in an effort to "transform our business for the future".
Coca-Cola North America will create three new business units - Sparkling Beverages, Still Beverages, and Emerging Brands.
Coke North America president Sandy Douglas wrote in an employee memo that the sparkling beverages unit would be the "heart and soul of our business in the United States". The unit will be responsible for Coke Classic, the company's best seller, as well as all other carbonated soft drinks.