The Coca-Cola Co. is giving its departing No. 4 exec a $2 million-plus send off.
Coca-Cola reported today that Steven Cahillane, who is leaving the company on Feb. 28, will get two years of his base salary (which was $786,000 in 2012) plus an “ex gratia” payment of $500,000, to be paid in a lump sum shortly after he leaves.
Cahillane will also get an annual incentive award for 2013 of an unspecified amount to be determined by Coke and paid on or about March 15. In addition, in February 2015 he will get 57,200 Coke shares from a performance incentive plan.
Cahillane had been president of Coca-Cola Americas. Coke reported Dec. 13 that Cahillane would leave “to pursue other opportunities” as part of a reorganization of Coca-Cola Americas. A beverage industry veteran, he had joined Coca-Cola from Atlanta-based Coca-Cola Enterprises Inc., where he led CCE’s North American Business Unit. At Coke he served as president and CEO of Coca-Cola Refreshments before becoming president of Coca-Cola Americas.