Indra Nooyi's pay package increases 18% to $26.4 mn

PepsiCo Inc awarded Chief Executive Officer Indra Nooyi a $26.4 million pay package for 2015, an 18 per cent increase, after she helped offset the effect of a stronger dollar by cutting more than $1 billion in costs.

Nooyi's received $13.9 million in cash bonuses and a stock award valued at $6.25 million that will vest depending on how PepsiCo's stock performs relative to its peers over the next three years, according to a proxy statement filed Friday.

The pay also included $1.64 million in salary and a $4.26 million adjustment to the value of her pension and deferred pay.

Nooyi coped with slowing growth at PepsiCo last year by trimming expenses, raising prices and rolling out new products. North American demand helped fuel growth at its Frito-Lay snack division as the stronger US dollar eroded sales overseas. The Purchase, New York-based company's shares gained 5.7 percent last year, outpacing rival Coca-Cola Co and the Standard & Poor's 500 Index.

Chief Financial Officer Hugh Johnston received the second-biggest pay package last year, valued at $8.56 million.