Coca-Cola details compensation package for marketing chief

<p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>His agreement also included other incentive programs, financial planning and counseling services, a country club membership, relocation benefits and pension and medical benefits.</p><p>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.</p><p>The company's top marketing post had been vacant since Mary Minnick announced in January that she was resigning to pursue other opportunities.</p><p>Some observers believed Minnick may have left because she was passed over for Coke's No. 2 job, which went to Muhtar Kent, who is now chief operating officer.</p><p>Minnick was head of marketing, strategy and innovation. The strategy and innovation roles are now being handled by separate officials.</p><p>Tripodi reports to Kent.</p><p>Before joining Allstate in 2003, Tripodi was chief marketing officer for The Bank of New York.</p><p>He previously served as chief marketing officer for Seagram Spirits & Wine Group, and he also previously held an executive role at MasterCard International. He also spent seven years at Mobil Oil Corp., now part of Exxon Mobil Corp.</p><p>Minnick had been with Coca-Cola for 23 years.</p><p>___</p><p>On the Net:</p><p>HASH(0x2dec770)</p>

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