NEW YORK (AP) — Coca-Cola Co. gave its CEO a pay package worth $21.2 million last year, up 10 percent from the previous year, as the world's biggest soda maker sold more of its drinks and expanded overseas.
The raise for Muhtar Kent was largely the result of his stock and option awards, which rose to $13.1 million from $10.8 million. His base salary also rose, to $1.35 million from $1.2 million in 2010.
His performance-based cash bonus fell to $6 million, however, down from $6.5 million. The bonus is based on whether executives reach predetermined goals set by the company. Other perks and compensation — including use of the company's aircraft and contributions to retirement savings — rose 3 percent to $757,000.
Kent, 59, has served as Coca-Cola's top executive since 2008. The Atlanta-based company, which has more than 500 brands including Fanta, Sprite, Dasani and Minute Maid, weathered the recession largely by spending more on advertising, new products and plants.
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