Coca-Cola Enterprises CEO Earns $1.1M

According to the filing, Brock's compensation package was 14 percent lower than it was in 2006 when he earned $15.1 million, mainly because he was awarded stock and stock options that had a lower estimated value.

In 2007, Brock was awarded stock and stock options valued at $9.9 million when granted. In 2006, his stock and stock options were worth about $13 million when granted.

Brock did, though, earn more in base salary in 2007 because he was with the company for only about 7 months in 2006. He received about $1.1 million in salary in 2007 and earned a performance-based bonus of $1.5 million.

Brock was also paid $343,807 in other compensation, or perks. Those perks included $319,075 in personal use of the company plane, $19,546 in company contributions to savings and retirement plans and $5,186 mainly in company-paid premiums for coverage under a long-term disability plan.

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.

During the 2007 fiscal year, profit fell about 38 percent. The bottler, like its competitors, has been weighed down by higher costs for commodities like sweetener, resin and aluminum. Higher energy and transportation costs have also cut into profits in the sector.

The company has also had to contend with a change in consumer preferences. More and more consumers are switching from sodas to juice, energy drinks and water.

The company's share price, though, jumped nearly 28 percent during the year.

The company plans to hold a shareholders meeting on April 22 in Atlanta.

At that meeting, shareholders will vote on a proposal that would require the board of directors to seek shareholder approval for future severance agreements with senior executives if the agreement provides benefits exceeding 2.99 times the sum of the executive's base salary plus bonus.

The International Brotherhood of Teamsters General Fund submitted the proposal and said in the proxy that more than 30 percent of voting shareholders supported the same resolution last year.

The board is recommending shareholders vote against the proposal, saying it is already monitoring its severance program.

Coca-Cola Enterprises shares fell 60 cents to close at $24.35.