Coca-Cola has awarded Spaniard Manuel Arroyo, executive vice president and commercial director of the group, 120,996 shares in the company, the manager said. These titles are worth around $7.2 million (around €6.5 million) and are part of the company boss's remuneration. The Spaniard was promoted in December with effect from January 1st this year.
The company has not yet recorded its compensation report with the accrued amounts for all concepts, but has recorded the movements with shares. Coca-Cola delivered these 120,996 shares pursuant to the Company's 2020-2023 Incentive Program, but immediately retained 54,226 shares (valued at just over 3.2 million) to satisfy tax obligations resulting from this compensation. said the filing filed with the United States Securities and Exchange Commission (the SEC). The deal date was February 15 and the reference price was $59.29.
Although Arroyo has risen up the company's organizational chart to executive vice president, stock compensation is slightly lower than a year ago, which totaled $8.2 million in stock. This apparent paradox can be explained for two reasons. First, Arroyo's promotion took effect on January 1, with no time to influence compensation. And secondly, it received more shares a year ago (137,718) because the deliveries derived from the normal compensation plan (101,428 shares) overlapped with others (36,290) due to the company's exit incentive plan. Pandemic (called Emerging Strength). ).
Without knowing the details of his salary for 2023, according to the American company, Arroyo achieved at the time a remuneration of 7.35 million dollars (around 6.9 million euros) compared to the 2022 financial year as general director of marketing of the group. The compensation, slightly down from $7.5 million last year, was the fourth-highest among senior executives at the Atlanta, Georgia-based company. As global commercial director, he already had the same stock-based compensation as an executive vice president.
For his part, Quincey James, president of the company, announced this Tuesday the receipt of 443,544 shares worth approximately $26.2 million. In your case, too, the award is below the 522,000 titles a year ago.
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