After a tough 2013 in which Coca-Cola leaders met some benchmarks and missed others, company Chairman and Chief Executive Officer Muhtar Kent saw his total compensation fall 33 percent.
According to the Atlanta-based company’s proxy, released early Friday, Kent made $20. 4 million in 2013, down from $30.5 million in 2012. Other company executives, including retiring Chief Financial Officer Gary Fayard and Coca-Cola International President Ahmet Bozer, also saw their compensation reduced.
The world’s largest non-alcoholic beveragemaker had an uneven year in 2013, with overall volume growth up globally, but troubles with carbonated drink sales in parts of Europe and North America.
The company in February reported that fourth-quarter profit fell 8.3 percent while revenue dropped 4 percent. For the year, profit fell 5 percent on a 2 percent revenue decline.
Last year Kent’s $30.5 million pay package came under fire from some investors and their advisors who said the pay was too high compared to peers and rewarded lackluster performance.
About a fourth of Coca-Cola’s shareholders gave a thumb’s down in the beverage giant’s non-binding “say-on-pay” vote last year – significantly more than the previous year – after Institutional Shareholder Services advised big investors like pension funds and college endowments to vote no.
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