Coca-Cola Co. chief Muhtar Kent's compensation rose by 32 percent in 2010, reaching almost $25 million including salary, bonus pay and stock awards.
The company's board of directors cited "strong performance" as a factor in the higher pay for Kent and his top lieutenants, who had smaller increases. Coca-Cola's stock price rose 15.3 percent last year, and the company showed growth in the once-troubled North American market.
Kent's total compensation was $24.8 million in 2010, Coca-Cola disclosed Thursday, compared with $18.8 million in 2009.
The actual money Kent received was lower than the total value of his compensation, which included stock options not yet exercised, changes in pension value, and unvested performance based-stock awards.
Kent's total received pay rose 14.7 percent to about $8.4 million, from nearly $7.4 million in 2009. His 2010 pay included a base salary of $1.2 million, an annual cash bonus of $6.5 million - up 18 percent from 2009 - and miscellaneous compensation of about $738,000 for items such as aircraft usage, security, a car and driver and thrift plan contributions.
In addition, Kent realized $3.4 million from the vesting of performance-based stock awards granted in 2008. He still holds those shares.
Last month, the compensation committee of Coke's board raised Kent's base salary 16.7 percent to $1.4 million, effective April 1. The committee cited "Mr. Kent's contribution to the company's achievements, his strong leadership and a review of market data." Coke disclosed the compensation information in an annual filing with the Securities and Exchange Commission.
Also in February, Coca-Cola's compensation committee increased the base salaries of its four other named executive officers -- the presidents of Eurasia and Africa, North America and Latin America, as well as the company's chief financial officer. Those raises ranged from 3 to 4 percent.
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