Compensation for Coca-Cola Executive Manuel Arroyo Surges to $13 Million in 2024
Manuel Arroyo's remuneration rises significantly, influenced by tax obligations from his relocation.
In 2024, Manuel Arroyo, the global marketing head of Coca-Cola, reported a compensation package totaling $13.08 million, a substantial increase from $6.6 million in 2023. This marks Arroyo as the second-highest paid executive in the company, trailing only behind CEO James Quincey, who earned $28 million.
The notable increase in Arroyo's pay is primarily attributed to the company absorbing $6.66 million in Singapore exit tax liabilities incurred by Arroyo due to his relocation.
The details regarding Arroyo's compensation were disclosed in the materials prepared for the upcoming annual shareholder meeting scheduled for April 30, 2024, which will also include the re-election of Ana Botín as a board member.
Arroyo holds 848,310 shares in the company, worth approximately $59 million, including 650,554 shares that can be acquired through stock options.
His base salary increased by 4% in 2024, amounting to $717,168, with an additional cash bonus of $1.72 million.
Stock awards added another $2.23 million to his compensation, surpassing the previous year's amount of $1.84 million.
Additionally, Arroyo received options valued at $1 million and a rise in pension commitments by approximately $300,000.
A significant component of Arroyo's compensation was a rise in other forms of remuneration, which totaled $7.1 million compared to $587,344 in 2023. This increase is largely due to compensation from the company's global mobility program, as Arroyo transitioned from Singapore to the United States in August 2023. The report stated that certain benefits related to this program were disbursed in 2024 and will continue in future years.
Specifically, the report highlighted the $6.66 million exit tax incurred from Arroyo's move from Singapore.
The exit tax, also referred to as expatriation tax in some jurisdictions, is levied by certain countries on capital gains from deemed sales of all an individual's worldwide assets upon leaving the country.
The Coca-Cola report indicates that this specific tax liability is expected to be fully offset by tax credits received in 2025 and subsequent years.
Arroyo's compensation now surpasses that of several other key executives, including John Murphy, the group's Chief Financial Officer, who earned $11.2 million, and Henrique Braun, head of international development, who received $6.36 million.
Jennifer Mann, who oversees North American operations, earned $4.97 million.
Shareholders will participate in a virtual vote on April 30 regarding the renewal of board positions.
Among the board members is Ana Botín, the President of Banco Santander, who, at 64 years old, has been a board member since 2013 and will continue on the Finance and Governance and Sustainability committees.
Botín's compensation for her role as a director was $291,054 in 2024, which includes $90,000 in cash fees and $200,000 in stock incentives.
She also holds rights to 74,472 shares, valued at over $5 million, which can be settled in cash at a later date.
The notable increase in Arroyo's pay is primarily attributed to the company absorbing $6.66 million in Singapore exit tax liabilities incurred by Arroyo due to his relocation.
The details regarding Arroyo's compensation were disclosed in the materials prepared for the upcoming annual shareholder meeting scheduled for April 30, 2024, which will also include the re-election of Ana Botín as a board member.
Arroyo holds 848,310 shares in the company, worth approximately $59 million, including 650,554 shares that can be acquired through stock options.
His base salary increased by 4% in 2024, amounting to $717,168, with an additional cash bonus of $1.72 million.
Stock awards added another $2.23 million to his compensation, surpassing the previous year's amount of $1.84 million.
Additionally, Arroyo received options valued at $1 million and a rise in pension commitments by approximately $300,000.
A significant component of Arroyo's compensation was a rise in other forms of remuneration, which totaled $7.1 million compared to $587,344 in 2023. This increase is largely due to compensation from the company's global mobility program, as Arroyo transitioned from Singapore to the United States in August 2023. The report stated that certain benefits related to this program were disbursed in 2024 and will continue in future years.
Specifically, the report highlighted the $6.66 million exit tax incurred from Arroyo's move from Singapore.
The exit tax, also referred to as expatriation tax in some jurisdictions, is levied by certain countries on capital gains from deemed sales of all an individual's worldwide assets upon leaving the country.
The Coca-Cola report indicates that this specific tax liability is expected to be fully offset by tax credits received in 2025 and subsequent years.
Arroyo's compensation now surpasses that of several other key executives, including John Murphy, the group's Chief Financial Officer, who earned $11.2 million, and Henrique Braun, head of international development, who received $6.36 million.
Jennifer Mann, who oversees North American operations, earned $4.97 million.
Shareholders will participate in a virtual vote on April 30 regarding the renewal of board positions.
Among the board members is Ana Botín, the President of Banco Santander, who, at 64 years old, has been a board member since 2013 and will continue on the Finance and Governance and Sustainability committees.
Botín's compensation for her role as a director was $291,054 in 2024, which includes $90,000 in cash fees and $200,000 in stock incentives.
She also holds rights to 74,472 shares, valued at over $5 million, which can be settled in cash at a later date.
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