The CEO of world's largest beverage company Coca-Cola, Muhtar Kent was offered a pay package of $18.1 million in the previous years after the company failed to meet its own growth targets. Kent, 60, has been working with the beverage company since 2008.
According to a filing made on Thursday with the Securities and Exchange Commission, the compensation is on par with the $18.2 million, which Kent received in 2013.
It is said that Kent's pay package might have been higher if Kent had accepted a $2.5 million cash performance bonus.
Kent said in a statement that he decided not to accept the bonus because the company has been planning to take some important decisions to improve its performance, and therefore there was a lot of work left to be done.
American beverage giant, Coca-Cola has recorded a strong 4 per cent increase in revenues to $11.46 billion during the fourth quarter.
The company managed to record an increase in sales even as it faced volatile foreign exchange rates, reduced demand for carbonated beverages and weak market conditions in Europe and China. The net income of the company increased to $1.87 billion or 41 cents during the quarter compared to $1.66 billion or 36 cents recorded in the same quarter of the previous year.
Davos, Jan 30 : The Coca-Cola Co. plans to invest $1 billion in its operations in Mexico this year as part of a $5 billion long-term investment plan, CEO Muhtar Kent has said.Kent made the announcement in a joint appearance with Mexican President Felipe Calderon during the World Economic Forum in Davos.
Calderon has been meeting with potential investors at the gathering of the world's most powerful business leaders.Coca-Cola expects to create 10,000 new jobs in Mexico over the next five years, Kent said.