New York: PepsiCo has given its India-born chief Indra Nooyi a pay package of USD 18.6 million (about Rs 113 crore) for 2013, a 7 per cent hike from the previous year.
The beverages-and-snacks giant awarded Nooyi a total direct compensation of USD 18.6 million for 2013, as against USD 17.4 million in the preceding year and USD 16.6 million for 2011.
Nooyi's 2013 compensation included USD 1.6 million in base salary, performance-based bonus of USD 4 million, PepsiCo equity performance units worth USD 7.8 million and long-term cash awards valued USD 5.2 million.
Other pay last year included USD 102,772 for use of the company aircraft and USD 30,463 for ground transportation.
The company, which had been under pressure to improve its earnings, announced a strategy under the leadership of Nooyi in 2012 to strengthen its brands.
PepsiCo invested in marketing for its Pepsi soda, which had lost market share to rival Coca-Cola Company over the past few years.
Nooyi, 58, has been chief executive of PepsiCo since 2006.
In a regulatory filing PepsiCo said that the company has delivered strong performance in 2013 under Nooyi's leadership.
"Nooyi made substantial progress on the initiatives we undertook in 2012 to position PepsiCo for future success. These initiatives included increasing our investment in largest global brands, stepping up our innovation program, including the successful launch of six new products that are expected to achieve over USD 100 million each in annual retail sales in their first year," the company said.
"...Expanding our research and development capability... continuing our multi-year productivity program resulted in over USD 900 million in savings in 2013," it added.
First Published: Saturday, March 22, 2014, 18:38