But he and other top executives were awarded special one-time payments equal to 30% of annual target bonus amounts. A Coke board of director’s committee said the payouts were “appropriate based on improved performance trends in the second half of the year, the resilience of leaders in the face of the COVID-19 pandemic, and strategic efforts” to reorganize.
Many other Coke employees, including most of those in metro Atlanta, also were awarded one-time bonuses for performance tied to the pandemic. They received 50% of target amounts, according to a notice obtained by The Atlanta Journal-Constitution.
Quincey was aided even more by a boost in long-term incentives of stock awards and options that were set by the Coke board committee in February of last year, early in the coronavirus’ rampage. That same month, Coke predicted a short-term decrease in sales and profits but that it would still meet its projections for 2020.