James Quincey, Coca-Cola’s new chief executive, got a 40 percent raise in salary, to $1.3 million, Coca-Cola disclosed.
Quincey, 52, officially took his new job Monday, replacing long-time Coke CEO Muhtar Kent, who will remain as the company's chairman.
The Atlanta soft drink company disclosed the new pay levels Friday for Quincey, Kent and Mark Randazza, who picked up the role of Coke's principal accounting officer, in a filing with the U.S. Securities and Exchange Commission.
Quincey’s pay also will include an annual bonus targeted at twice his salary, an undetermined amount of stock and stock option awards, and certain perks such as “reasonable personal use” of company aircraft.
Last year, Quincey was paid almost $8.4 million, including a $923,625 salary, $2 million bonus, and $5.3 million in stock options and restricted stock.
For a “transition period not to exceed one year,” Coke said, Kent will receive a $1 million salary and the same annual incentive target pay as when he was CEO.
Kent’s total pay last year as $16 million, including a $1.6 million salary.
“This transition comes at an important time for the Company as we are overseeing the company’s strategy to refocus on our core business model of building strong global brands, enhancing sustainable customer value and leading a strong, dedicated franchise system,” said Coca-Cola directors Sam Nunn, the former U.S. senator for Georgia, and Maria Elena Lagomasino, CEO of WE Family Offices, in a letter last week to Kent. “Muhtar, we are delighted that you will remain our chairman, thank you for all of your many contributions, and look forward to future success for our company.”
Randazza, 51, who was Coke’s vice president, assistant controller and chief accounting officer, also picked up the role of principal accounting officer, but no change in his $402,600 salary.
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