PepsiCo CEO Indra Nooyi was given a pay package worth $19.1 million in 2014 after the snack-and-beverage maker said it met or beat its own financial targets for the year.
The compensation for Nooyi, who has been chief executive since 2006, represents a 45 percent jump from the previous year's pay of $13.2 million, according to a filing with the Securities and Exchange Commission. The increase was the result of a long-term bonus that vests at the end of three years.
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The pay package included a base salary of $1.6 million, stock awards of $5.5 million and a performance-based bonus of $11.8 million. That bonus was nearly triple the amount she received the previous year because it included the long-term incentive payout. All other compensation came to $155,065 and primarily covered use of the company plane.
PepsiCo Inc., based in Purchase, N.Y., makes products including Frito-Lay snacks, Gatorade sports drinks, Mountain Dew soda and Quaker oatmeal. When stripping out the impact of currency exchange rates and other one-time factors, PepsiCo said its organic revenue rose 4 percent last year, while its earnings per share for the year rose 9.1 percent.
The company has been able to improve its performance in part by raising prices and slashing costs.
Nooyi, 59, was previously PepsiCo's president and chief financial officer, and also served as a senior vice president of corporate strategy and a senior vice president of strategic planning. She became chair of the company's board of directors in 2007.
The Associated Press formula for executive compensation includes salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. It does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.