Coca-Cola Chief Executive Officer Muhtar Kent's pay package rose 10 percent to $21.2 million in 2011, the company disclosed Thursday.
Kent's compensation includes salary, stock and an incentive plan, Coke said in a proxy statement filed in advance of its annual shareholder meeting. If pension value and deferred earnings are included, the total is $29 million.
Kent had a base salary of about $1.4 million in 2011, up from the $1.2 million he received annually from 2008 through 2010. His salary will increase again to $1.6 million in April. Kent's stock awards also increased from $5.1 million in 2010 to $5.6 million in 2011. And option awards -- stock he can buy in the future jumped from $5.7 million in 2010 to $7.5 million in 2011.
Kent's bonus package, however, slipped $500,000 in 2011 to $6 million. The bonus is based on pre-determined goals set by the company.
Kent, 59, became top executive at the Atlanta-based beverage maker in 2008.
Coke sales have climbed in recent years, with Diet Coke surpassing rival Pepsi as the No. 2 best selling soft drink last year. Regular Coke is No. 1.
Sales volume in North America increased 1 percent in the fourth quarter of 2011 and 4 percent for the full year, while prices rose at least 1 percent and higher in some categories. Part of the increase was blamed on higher commodities prices -- specifically corn for sweeteners -- that jumped last year.
North American sales have grown seven consecutive quarters, and Coke has a long-term goal of doubling global volume by 2020.
Coke's stock price rose 7.3 percent in 2011.
Gary Fayard, the company's executive vice president and chief financial officer, received about $7 million in compensation. Steve Cahillane, president and chief executive officer of Coca-Cola Refreshments, the division the company started after absorbing the North American operations of Coca-Cola Enterprises, received $6.5 million in compensation, according to the proxy.
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