PepsiCo CEO's pay down amid compensation change

8:32 PM, Mar 23, 2013   |    comments
Cans of PepsiCo. Inc. Pepsi and Diet Pepsi soda are displayed for a photograph in San Francisco, California, U.S., on Wednesday, Feb. 13, 2013. PepsiCo Inc. said fourth-quarter profit rose 17 percent, helped by higher prices, and authorized a new plan to repurchase as much as $10 billion in stock as the world’s largest snack-food maker returns cash to investors. Photographer: David Paul Morris/Bloomberg via Getty Images
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NEW YORK (AP) - PepsiCo gave CEO Indra Nooyi a pay package worth $12.6 million last year, down 11 percent from the previous year, as the soda-and-snack food giant changed the way it awards long-term incentive compensation.

The Purchase, N.Y.-based company did away with outright option awards last year and instead gave Nooyi a long-term incentive award tied to the performance of the company's future stock price and other metrics. That figure is not included in the pay summary filed with the Securities and Exchange Commission.

For the year, Nooyi's earned a base salary of $1.6 million and incentive pay of $3.3 million, as PepsiCo said it met its financial goals during a year of restructuring.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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