Pepsi Bottling CEO receives $7.5 million in compensation
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- April
- 7
Pepsi Bottling Group Inc., the soft drink distributor facing softer consumer demand in a weaker economy, awarded $7.5 million in total compensation to Chairman and Chief Executive Eric J. Foss in 2008.
That was up 9.7 percent over his $6.8 milion compensation during the previous year, according to the company’s proxy filing.
Foss’ compensation package for 2008 included a salary of $984,615, a jump from $892,308 in 2007. There also were $2.38 million in stock awards and $1.93 million in option awards.
Pepsi Bottling also covered $160,425 in perks and personal benefts for Foss, including a car allowance, financial advisory services and use of leased aircraft.
The Somers-based company, the world’s largest distributor of Pepsi products, has faced slowing worldwide demand for soda during the global recession. In the U.S.-Canada market, volume was down 4 percent year over year during the fourth quarter, while it dropped 3 percent in Europe and 5 percent in Mexico.
In November, the company announced it would cut 3,150 jobs globally, or about 4.5 percent of its work force. The cuts included 30 to 40 jobs in the Lower Hudson Valley.
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on Tuesday, April 7th, 2009 at 3:24 pm by Jay Loomis.
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