Jennifer Mann
COCA COLAAbout Jennifer Mann
Jennifer Mann is Executive Vice President and President, North America Operating Unit (NAOU) at The Coca-Cola Company, a role she assumed on January 1, 2023 after serving as President of Global Ventures; she holds a degree in accounting from Georgia State University and joined Coca‑Cola in 1997 . As of her 2022 appointment announcement, she was 49 years old . Her 2024 pay outcomes tied directly to strong Company performance: net operating revenue growth of 12% and operating income growth of 18% drove a 190% Business Performance Factor, and she received an additional 10% Individual Performance Amount recognizing NAOU share gains and execution, resulting in a $1.46M annual incentive for 2024 . Multi‑year alignment is reinforced by PSUs that paid out at 190% for 2022–2024 (relative TSR modifier not triggered), and 2024–2026 PSUs measured 30% revenue, 30% EPS, 30% free cash flow, and 10% sustainability with a TSR modifier .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| The Coca-Cola Company | EVP & President, North America Operating Unit | 2023–present | Leads company’s largest operating unit; accelerated bottler alignment and market share gains in NAOU in 2024 (10% Individual Performance Amount) . |
| The Coca-Cola Company | President, Global Ventures | 2019–2022 | Scaled global acquisitions/brands (e.g., Costa Coffee, Monster investment) . |
| The Coca-Cola Company | Chief People Officer | n/a | Enterprise talent and culture leadership . |
| The Coca-Cola Company | Chief of Staff to CEO James Quincey | n/a | Enterprise coordination and CEO agenda execution . |
| The Coca-Cola Company | VP & GM, Coca‑Cola Freestyle | 2012–2015 | Accelerated global expansion of Freestyle across the system . |
| The Coca-Cola Company | Earlier roles (Customer & Operations) | 1997–2012 | Various customer and on‑premise strategy roles including director roles and Foodservice & On‑Premise strategy/marketing . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Coca‑Cola Consolidated | Board Director | n/a | Bottling partner board service . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (year-end) | $702,000 | $730,080 |
| Target Annual Incentive (% of salary) | 100% | 100% |
Performance Compensation
Annual Incentive – 2024 Design and Outcome (Ms. Mann)
| Component | Metric(s) | Weighting | Target | Actual/Payout | Notes/Vesting |
|---|---|---|---|---|---|
| Overall Company Financial Performance | Organic net operating revenue growth; comparable currency-neutral operating income growth | 60% | 7.5% revenue; 10.0% op income | 12.0% revenue → 200%; 18.0% op income → 200% | Pays in cash; awards determined Feb 2025, paid Mar 2025 . |
| NAOU Financial Performance | NAOU net operating revenue growth; operating income growth | 30% | Not disclosed | Achieved at 200% | NAOU metrics each equally weighted . |
| Inclusion Components | Talent/inclusion goals | 10% | Progress | Achieved at 100% | 40% quantitative achieved; 60% qualitative achieved . |
| Business Performance Factor | Weighted sum | — | — | 190% | — |
| Individual Performance Amount | Discretionary | — | Max 30% of target | 10% of target for Ms. Mann | Recognized NAOU share gains, bottler alignment, capability building . |
| Resulting Cash Payout | — | — | Target $730,080 | $1,460,160 | Equals 190% BPF plus 10% IPA on target . |
PSUs – 2024 Grant (Performance Period 2024–2026)
| Item | Detail |
|---|---|
| Target Shares (granted 02/28/2024) | 22,974 PSUs |
| Grant Date Fair Value | $1,312,964 |
| Measures/Weighting | 30% net operating revenue growth; 30% EPS growth; 30% free cash flow; 10% environmental sustainability (rPET usage; watershed replenishment) |
| Payout Range (pre-TSR) | 50% (threshold) – 200% (maximum); with relative TSR modifier +/-25% vs S&P 500 Consumer Staples |
| Value at Threshold/Target/Max | $656,482 / $1,312,964 / $2,625,928 |
PSU Program Outcome – 2022–2024 Cycle
- Payout certified at 190% based on Company performance; relative TSR modifier not triggered (TSR above 25th percentile but below 75th) .
Stock Options – 2024 Grant (02/28/2024)
| Item | Detail |
|---|---|
| Options Granted | 114,872 |
| Exercise Price | $60.275/sh base; $60.40 close on grant date |
| Vesting | 25% on Feb 28, 2025; Feb 27, 2026; Feb 26, 2027; Feb 29, 2028 |
| Expiration | Feb 28, 2034 |
Equity Ownership & Alignment
Beneficial Ownership and Guidelines
- Beneficial ownership: 525,029 shares as of March 3, 2025, including 7,919 shares credited in the 401(k) Plan and 339,846 shares underlying options exercisable or becoming exercisable by May 2, 2025; excludes 7,408 Supplemental 401(k) share units (cash‑settled) . Ownership is less than 1% of outstanding shares (asterisked in proxy) .
- Stock ownership guidelines: All Named Executive Officers are in compliance; stock options do not count toward the requirement and PSUs count only after performance; retention policy requires holding 50% of net shares until guideline met .
- Hedging and pledging: Prohibited for Directors and Section 16 Officers; short sales and margin also prohibited .
- Clawback: NYSE/SEC‑aligned recoupment policy for incentive‑based pay after restatements; additional recoupment for policy violations, reputational harm, disclosure of confidential information, competitive employment or solicitation (during employment and up to later of one year post‑separation and payment) .
2024 Option Exercises and Stock Vested (Realized)
| Metric | Amount |
|---|---|
| Options exercised (shares) | 129,268 |
| Value realized on option exercise | $3,370,630 |
| PSUs vested (shares released 2/15/2024 from 2/18/2021 grant) | 53,762 |
| Value realized on PSU release | $3,187,549 |
Outstanding Equity Awards (12/31/2024) – Selected Detail (Ms. Mann)
| Award | Exercisable | Unexercisable | Exercise Price | Expiration |
|---|---|---|---|---|
| Stock options (2/21/2019) | 80,820 | — | $45.4350 | 2/21/2029 |
| Stock options (2/20/2020) | 70,786 | — | $59.4850 | 2/20/2030 |
| Stock options (2/18/2021) | 50,418 | 16,806 | $50.4383 | 2/18/2031 |
| Stock options (2/17/2022) | 27,577 | 27,577 | $61.3400 | 2/17/2032 |
| Stock options (2/25/2023) | 25,466 | 76,400 | $60.0200 | 2/25/2033 |
| Stock options (2/28/2024) | — | 114,872 | $60.2750 | 2/28/2034 |
| PSUs earned (2022–2024) | — | 41,904 | — | — |
| Unearned PSUs (2023–2025, 2024–2026 at maximum) | — | 86,694 | — | — |
Note: Market values in proxy calculated at $62.26 (12/31/2024 close) .
Employment Terms
Severance, Change-in-Control, and Vesting Mechanics
- Severance plan: All NEOs covered by TCCC Severance Plan; maximum cash severance benefit is two years of base pay, lump sum; no separate change‑in‑control severance in the plan . Ms. Mann’s severance payment under involuntary termination equals $1,460,160 (2× her $730,080 base salary) .
- Annual incentive under change‑in‑control: Target amount guaranteed (prorated if departure before year‑end); Ms. Mann’s target $730,080 .
- Equity on change‑in‑control: “Double‑trigger” provisions—options vest if terminated without cause within one year; RSUs vest on termination without cause within one year; PSUs vest if terminated without cause within two years at target or actual (depending on timing), prorated for service .
- Equity on other terminations: For awards granted 2022+, unvested options are forfeited on voluntary separation before age/service thresholds; partial continued vesting in defined involuntary circumstances; death/disability accelerate per plan .
Quantification of Potential Payments for Ms. Mann (as of 12/31/2024)
| Scenario | Severance Payments | Annual Incentive | Stock Options (intrinsic) | PSUs/RSUs | Pension Enhancement | Total |
|---|---|---|---|---|---|---|
| Voluntary Separation | $0 | $0 | $0 | $0 | $0 | $0 |
| Involuntary Termination | $1,460,160 | $0 | $198,675 | $41,904 | $0 | $1,700,739 |
| Death | $0 | $0 | $623,203 | $4,071,929 | $0 | $4,695,132 |
| Disability | $0 | $0 | $623,203 | $0 | $0 | $623,203 |
| Change in Control (double trigger) | $0 | $730,080 | $623,203 | $4,776,961 | $563,516 | $6,693,760 |
- Pension plans and change‑in‑control: Earliest retirement age reduced upon change-in‑control for TCCC Pension and Supplemental Pension; Ms. Mann would receive this enhanced benefit (reduced earliest retirement age), unlike other NEOs .
Retirement and Deferred Compensation
| Plan | Years Credited | Present Value of Accumulated Benefit | Notes |
|---|---|---|---|
| TCCC Pension Plan | 27.2 years | $595,479 | Broad‑based defined benefit; cash balance formula . |
| TCCC Supplemental Pension Plan | — | $1,313,593 | Makes employees whole above tax limits; enhanced earliest retirement age on change‑in‑control . |
| Deferred Savings | Company Contribution (2024) | Aggregate Earnings (2024) | Year-End Balance |
|---|---|---|---|
| Supplemental 401(k) Plan | $59,915 | $34,517 | $461,222 |
| 401(k) Plan | $12,075 employer match | — | — |
Other benefits and governance:
- Life insurance coverage (U.S. employees): lesser of 1.5× base pay or $2,000,000 (premiums included in “All Other Compensation”) .
- No employment contracts unless required by law; no special CIC severance; no tax gross‑ups related to CIC; no option repricing .
Multi‑Year Compensation (Summary Compensation Table Extract)
| Component | 2023 | 2024 |
|---|---|---|
| Salary | $695,250 | $723,060 |
| Bonus | $0 | $0 |
| Stock Awards (PSUs grant-date FV) | $1,152,704 | $1,312,964 |
| Option Awards (grant-date FV) | $1,002,361 | $1,180,884 |
| Non-Equity Incentive Plan Compensation | $1,333,800 | $1,460,160 |
| Change in Pension Value/Nonqualified Deferred Comp Earnings | $264,308 | $183,736 |
| All Other Compensation | $65,504 | $110,252 |
| Total | $4,513,927 | $4,971,056 |
Say‑on‑Pay, Peer Benchmarking, and Committee Practices
- Say‑on‑Pay: ~89% approval in the prior year; strong support for 2024 Equity Plan (96%) and ESPP (99%) .
- Comparator group (used to inform ranges and design, not strict percentile targeting): Abbott, ADM, Colgate‑Palmolive, Danone, Intel, J&J, Kimberly‑Clark, Kraft Heinz, McDonald’s, Mondelēz, Nestlé, Nike, PepsiCo, Pfizer, Philip Morris International, P&G, Starbucks, Unilever . Committee does not target a specific percentile for LTI grants .
- 2025 program preview: Annual incentive equally weighted between revenue and operating income; 2025–2027 PSU equally weighted among revenue, EPS, FCF with TSR modifier .
Performance & Track Record Highlights (2024)
- Ms. Mann received a 10% individual performance amount for “delivering strong business results for the NAOU while maintaining a focus on sustainable growth and gaining market share; accelerating system alignment with key bottlers…; and driving a culture of continuous learning” .
- Company results underpinning pay: Organic net operating revenue +12%; comparable currency‑neutral operating income +18%; Inclusion goals achieved; BPF 190% .
Investment Implications
- Pay‑for‑performance alignment: 2024 cash incentive at 200% for financial metrics and PSU 2022–2024 payout at 190% reflect strong revenue and profitability execution; 2024–2026 PSUs emphasize growth and cash flow with TSR risk overlay—favorable for alignment .
- Retention risk vs. mobility: Severance equal to 2× base (~$1.46M) and double‑trigger equity vesting reduce abrupt exit risk; pension enhancement upon change‑in‑control exclusively benefits Ms. Mann, which could influence retention dynamics in strategic scenarios .
- Insider selling/overhang: 2024 exercises (129,268 options; $3.37M realized) indicate monetization; upcoming annual option vests (2025–2028) create periodic potential selling windows; however, hedging/pledging is prohibited and ownership guidelines/retention policy constrain immediate disposals .
- Governance quality: Robust clawback, no CIC tax gross‑ups, no option repricing, strong say‑on‑pay support, and independent consultant framework signal low governance risk in pay programs .