Outgoing Coke CEO given pay package worth $16 million

AP News
Posted: Mar 09, 2017 12:51 PM

NEW YORK (AP) — Coca-Cola CEO Muhtar Kent, who is stepping down in May, received compensation worth $16 million last year, according to a regulatory filing.

Kent, 64, has overseen a challenging period for the company recently as it adapts to changing drinking habits.

His compensation included a salary of $1.6 million, stock and options worth $9.5 million and incentive pay of $4.1 million. Other compensation included costs for travel, security and contributions to a retirement and savings plan, according to a filing with the Securities and Exchange Commission. It's an increase from $14.6 million in 2015.

Kent, chief executive since 2008, will continue serving as board chairman after James Quincey, Coke's president, becomes CEO.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.