Indian-born Indra Nooyi, the chairman and chief executive officer of PepsiCo received about $17.1 million as compensation during 2011, showed a regulatory filing from the company.

The increase in her package of about 5.8 per cent from 2010, is mostly due to the changes in the value of her retirement benefit at the company, said the filing with the Securities and Exchange Commission.

Nooyi received an annual incentive award of $2.5 million as well as an long-term incentive award valued at $9.4 million in 2011. Her annual base salary was also increased from $1.3 million to $1.6 million starting in February 2011, in the first ever increase in her salary since her appointment as the chief executive.

The increase comes at a time when the company is planning a turnaround to boost its global performance. It is aiming to increase its sales in the North American market, where the volumes have been low. The company will cut 8,700 jobs and increase its marketing budget this year by up to $600 million.

Nooyi has been working as the head of the global beverage major since 2006.