(ATR) Coca-Cola is scaling back its executive pay structure after billionaire investor Warren Buffett criticized the proposed plan in April.
Originally, Coca-Cola passed an equity-based plan that offered executives stock options as incentives to hopefully boost performance due to lagging revenue.
Buffett, whose investment company Berkshire Hathaway owns nine percent of Coca-Cola, called the plan "excessive" and abstained from voting in April. Buffett joined Wintergreen Advisers CEO David Winters in publicly criticizing the company.
The Wall Street Journal reported Winters criticized the Coca-Cola board ahead of voting for the plan and said CEO Muhtar Kent should apologize to shareholders and "probably announce his retirement.''
State Street Global Advisors and Capital Group, two of Coca-Cola’s largest investors, voted no against the plan.
Coca-Cola will offer managers cash-based performance awards, but will offer managers 200 million shares over 10 years as part of the plan.
The Wall Street Journal reported that Kent "hasn't signaled any plans to step down anytime soon."
KNSB Taps FILA for PyeongChang
Dutch skaters will wear FILA clothes up to and through the 2018 Olympics.
The Royal Dutch Skating Federation (KNSB) released the new national skating uniforms at an event in the Rijksmuseum in Amsterdam Monday.
FILA will dress long and short track speed skating, figure skating, and inline skating teams as part of a four year contract.
Uniforms for the KNSB skaters, as well as skates, will be provided to Dutch athletes during the 2018 Olympic cycle.
"The Netherlands has performed exceptionally well at the Olympic Games in Sochi," Gene Yoon, CEO of FILA, said in a statement.
"The exposure alone the Winter Olympics offer a clothing sponsor is huge."
Written by Aaron Bauer
20 Years at #1: Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.
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