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Coca-Cola CEO's pay, bonus drop

| Saturday, March 8, 2014, 12:01 a.m.

Coca-Cola CEO Muhtar Kent's pay fell 16 percent last year because his performance-based bonus took a hit.

Kent's package was worth $18.2 million for 2013, according to a regulatory filing made with the Securities and Exchange Commission on Friday. He earned $21.6 million 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 portion of his pay is tied to financial metrics such as sales volume, which rose just 2 percent for the year. The previous year, the figure had increased 4 percent, in line with the company's long-term targets.

A new cap for that portion of Kent's pay was triggered this year because Coca-Cola's total shareholder return fell below the median of the companies in the Standard & Poor's 500.

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