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The Spaniard Manuel Arroyo earned 6.8 million in 2021 as head of ‘marketing’ for Coca-Cola | Economy

The Spaniard Manuel Arroyo, head of marketing of The Coca-Cola Company, pocketed 7.48 million dollars (6.8 million euros) last year, compared to 5.5 million dollars the previous year, according to the documentation that the firm has filed with the US stock market supervisor (SEC, in English) on the occasion of the call for its shareholders’ meeting, which will take place on April 26. The president of Banco Santander, Ana Botín, who is a director of the multinational soft drinks company, deposited 290,000 euros.

Arroyo was named responsible for marketing of the company (a position already held for years by Marcos de Quinto, also a Spaniard) at the end of 2019, with effect from January 2020. Before, the executive, who started working at Coca-Cola in 1995 in Madrid, was responsible for the operations of the group’s five divisions in the Asia Pacific region. Compensation for 2021 breaks down as follows: base salary is $645,000, plus $3.7 million in stock, $763,833 in stock options, $1.6 million set out in the incentives, 107,000 dollars after updating the pension plan and other compensation for 613,008 dollars. In total, 7.48 million dollars.

The executive president of the company based in Atlanta (USA), James Quincey, pocketed 24.88 million dollars in 2021, compared to 18.3 the previous year. General Secretary Bradley M. Gayton earned $11 million and Chief Operating Officer Brian J. Smith $10.46 million. “The company set out to emerge stronger than we were before the pandemic, and we have achieved that ambition,” the company indicates in the document to justify the remuneration of its senior executives and that it be approved by the shareholders at the final meeting. of April.

The document highlights that, after the hard year of 2020 due to the restrictions caused by the coronavirus, last year it was also possible to improve results compared to 2019. Net operating income reached 38,655 million dollars in 2021, 17% more than in 2020 and 2% more than in 2019. Regarding profit, last year it grew 26% compared to the previous one, up to 8,550 million.

For his part, Botín entered 290,000 euros (of which 200,000 in shares) as a member of the board of directors of Coca-Cola, which he joined as an independent in 2013. The president of Santander is part of the Financial Committee and the Governance Committee Corporate.

Like other companies in the sector, Coca-Cola managed to improve its results in 2021. By geographical areas, sales in North America grew by 15%, while in the EMEA region (Europe, the Middle East and Africa) they increased by 19% and 18% in Latin America. In Asia Pacific, the multinational’s revenue in 2021 grew by 12%. Recently. Coca-Cola, a symbol of US economic power, joined the list of Western companies that have decided to suspend their activity in Russia after the invasion of Ukraine.

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Looking ahead to 2022, the company expects to generate organic revenue growth of 7% to 8%, while anticipating that commodity price inflation will put a drag of around 5% on its costs.

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