Coke Chairman Gets $4M Bonus Amid Layoffs
Mar. 05, 2003
ATLANTA (AP) _ As Coca-Cola Co.'s net income dropped and it laid off employees, Chairman Doug Daft got a $4 million bonus on top of his $1.5 million salary in 2002, according to a company filing Wednesday.
Daft was not awarded any stock options, but his bonus increased from 2001, when he got $3.5 million, according to a company proxy statement filed with the Securities and Exchange Commission. His salary remained unchanged.
Coke's profit fell 22.5 percent in 2002, and the company announced it would cut about 1,900 employees in North America and Germany.
``Mr. Daft led the company through considerable progress over the past year in achieving ... strong financial results, growing our brands, strengthening our bottler relationships and building our leadership team,'' the company said.
Coke's other top executives got pay raises.
Vice chairman Brian Dyson's salary more than doubled to $1 million from $416,667 in 2001. He got a $1.5 million bonus, compared to a $875,000 bonus in 2001.
President and chief operating officer Steven Heyer made $885,000 with a $2 million bonus, after being paid $643,333 with a $1.5 million bonus in 2001.
In trading on the New York Stock Exchange, Coca-Cola shares fell 82 cents, or 2.1 percent, to $37.55.
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