Nooyi PepsiCo's highest paid executive
Indra Nooyi, the India-born chief executive officer of beverages major, PepsiCo, has become the highest paid executive of the company.
PepsiCo's regulatory filing disclosed the information that Nooyi was awarded $14.74 million as compensation in 2007 for her first full year as head of the world's second largest soft drink maker.
The figure is more than double the $6.42 million she was paid, when she served as chief financial officer for most of 2006 before taking over the top position in October last year. Her predecessor, Steven S. Reinemund had earned a total pay package of $17.5 million in 2006.
Among the other highly paid executives from Pepsico, the Vice-Chairman Michael D White was awarded $11.17 million.
Nooyi was awarded $1.3 million in salary, $3.2 million of non-equity incentive plan compensation, stock and option awards worth $9.83 million as of the grant date in February 2007 and $404,071 in "other compensation" including perks like flying on the company jet, of which she spent $57,928 in aircraft usage and $17,639 for a car and driver.
The company, soon after her taking up the post, discontinued her participation in PepsiCo's car program and authorized increased personal use of its ground transportation in lieu of a company car.
PepsiCo clarified that the move was directed towards the company's growth as they stated, "Nooyi's use of a car and driver for commuting and business enhances security and personal safety and increases her time available for business purposes."
The results are certainly evident as in Nooyi's first full year in charge, the company's stock prices jumped by 21.3 percent. And also PepsiCo, led by Nooyi, was placed higher than its archrival Coca-Cola on a list of 20 most-admired global companies prepared by US business magazine Fortune. The list ranks PepsiCo at 13th position as against Coca-Cola at 19th spot.
The first woman chairman and chief executive officer of PepsiCo, Nooyi recently added another feather to her cap, as she became the first woman to receive the prestigious Peterson Business Award given biennially for outstanding business leadership.
Last month, Nooyi was listed by Forbes magazine among '10 best women CEOs of large corporations who bring best returns to investors'. She was also on the cover of a recent edition of Fortune magazine wherein she was quoted saying that she, "looked to a role in Washington a few years later."
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