Coca-Cola Enterprises CEO gets $11.9M in 2008

The chief executive of Coca-Cola Enterprises Inc. got a compensation package valued at $11.9 million in 2008, according to the Coke bottler's proxy filing Wednesday.

John Brock's 2008 pay is about $1 million less than in 2007, when he earned $12.9 million. As the economy spiraled downward last year, the company booked a loss of $4.39 billion and saw its stock fall 53 percent. Shares have fallen another 11 percent since the start of the year, closing Wednesday at $10.70.

Brock, who runs the biggest Coke bottler, earned $1.1 million in salary and a $147,344 cash bonus. He also got $219,745 in other compensation, which included personal use of the company plane worth $167,603. The company also paid $46,851 to a defined contribution plan for him.

But the bulk of Brock's compensation was given in stock and options valued at about $10.4 million.

The company is based in Atlanta, where the Coca-Cola Co. is also based. Coca-Cola is the world's biggest drinks maker.

In 2008, the bottler lost $4.39 billion, or $9.05 per share, compared with profit of $711 million, or $1.46 per share, in 2007. Revenue rose 4 percent to $21.81 billion from $20.94 billion.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.