NEW YORK (AP) — Coca-Cola CEO Muhtar Kent's pay fell 16 percent last year because his performance-based bonus took a hit.
Muhtar Kent's pay package was worth $18.2 million for 2013, according to a regulatory filing made with the Securities and Exchange Commission on Friday. That's down from the $21.6 million he earned the previous year.
The decline was primarily the result of a lower performance-based bonus, which fell to $2.2 million, from $6 million the previous year. That was the result of lower sales volume growth of just 2 percent for the year, compared with 4 percent the previous year.
A new cap was also put into place for the bonus, based on feedback from shareholders.
The AP's calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.