Coca-Cola details marketing chief's compensation package

ATLANTA - The Coca-Cola Co., the world's largest beverage maker, disclosed Wednesday the millions of dollars in compensation it awarded its marketing chief as part of his July hiring.

Terms of Joseph V. Tripodi's employment agreement were included in a letter contained in the Atlanta-based company's quarterly report to the Securities and Exchange Commission.

The letter says Tripodi, a former insurance company executive, would receive a $525,000 annual salary, a $500,000 bonus within 30 days of the start of his employment and a one-time $2 million contribution to the company's deferred compensation plan. The effective date of his employment was Sept. 4, the letter said.

Tripodi also was to receive a one-time restricted stock grant with an estimated value of $2 million and a one-time stock option award with an estimated value of $1.5 million at Coca-Cola's first regularly-scheduled compensation committee meeting after his hire, the letter said.

His agreement also included other incentive programs, financial planning and counseling services, a country club membership, relocation benefits, and pension and medical benefits.

Tripodi, who previously had been the senior vice president and chief marketing officer for Allstate Insurance Co., was hired by Coca-Cola to lead a new function combining the company's global marketing and commercial organizations.

The company's top marketing post had been vacant since Mary Minnick announced in January that she was resigning to pursue other opportunities.