Monica Howard Douglas
COCA COLAAbout Monica Howard Douglas
Executive Vice President and Global General Counsel of The Coca‑Cola Company since April 2021; oversees the global legal function and reports to the Chairman & CEO . Previously chief compliance officer and associate general counsel for the North America operating unit; joined Coca‑Cola in 2004 as senior managing counsel; prior roles at Equifax and Troutman Sanders (now Troutman Pepper) . Education: BA, University of Michigan; JD, Stanford University . Age reference: 52 (as listed among KO executives) . Company performance anchor points: EPS reached $2.46 in 2024 (≈19% above 2019’s $2.07); 2024 organic revenue growth was 12% (non‑GAAP) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Coca‑Cola Company | Senior Managing Counsel; Chief Compliance Officer & Associate GC (NAOU) | 2004–2013; pre‑2018 | Built end‑to‑end business legal support capabilities across marketing and supply chain; enabled North America compliance framework . |
| The Coca‑Cola Company (Southern & East Africa BU) | Legal Director | 2013–2017 | Led legal function across 24 countries; supported growth and complex regulatory environments . |
| The Coca‑Cola Company (North America) | General Counsel | 2018–Apr 2021 | Guided legal integration and operations; oversaw NA legal during pandemic pivot . |
| Equifax; Troutman Sanders (Pepper) | Attorney; Associate (Corporate) | Pre‑2004 | Corporate and in‑house experience foundational to Coca‑Cola tenure . |
| The Coca‑Cola Company (Coca‑Cola Refreshments) | Vice President & Senior Managing Counsel | Circa 2010–2013 | Supported largest North American vertical integration (acquisition of Coca‑Cola Enterprises bottler; creation of Coca‑Cola Refreshments) . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| VICI Properties Inc. | Director | Current | Public company board service . |
| University of Michigan Alumni Association | Director | Current | Higher education governance . |
| Woodward Academy | Governing Board Member | Current | Community education leadership . |
| Junior Achievement USA | Director | Announced 2022 | Youth financial literacy; extended community impact . |
Fixed Compensation
- KO does not provide individual employment contracts for executive officers unless required by law; pay is largely performance‑based .
- Perquisites provided to NEOs (policy reference applicable company‑wide): aircraft usage for business productivity/security, financial/tax planning, executive physicals; club membership privileges for select executives; tax reimbursements for spousal travel when required for business purposes .
- Retirement/benefits: executives participate in standard plans (401(k), supplemental 401(k), pension) similar to broader employee population; no special or enhanced formulas for NEOs .
Note: Monica Howard Douglas is an executive officer but not listed among 2024 NEOs; KO discloses program designs and governance that apply to executive officers generally rather than her specific cash/equity amounts .
Performance Compensation
- Annual Incentive (design): 2025 Business Performance Factor equally weighted between net operating revenue growth and operating income growth; individual performance component may adjust payouts within capped ranges .
- PSU Program (design): 2025–2027 PSUs equally weighted among net operating revenue growth, EPS growth, and free cash flow; relative TSR modifier ±25% vs predefined comparator group .
- 2024 AIP context: Targets set above long‑term growth plan due to inflationary environment; performance exceeded targets, resulting in above‑target payouts for executives .
- 2022–2024 PSU results: Financial measures performed above maximum; sustainability measures partially offset; overall above‑target payout .
| Metric | Weighting | Target Definition | Actual (Latest disclosed) | Payout/Modifier | Vesting |
|---|---|---|---|---|---|
| Net Operating Revenue Growth (AIP 2025) | 50% | Currency‑neutral organic revenue growth vs plan | 12.0% organic revenue growth in 2024 (non‑GAAP) | Above‑target (2024 context) | Annual cash, paid after year end . |
| Operating Income Growth (AIP 2025) | 50% | Comparable currency‑neutral OI growth (structurally adjusted) | 18% measured under AIP framework (2024) | Above‑target (2024 context) | Annual cash . |
| Net Operating Revenue Growth (PSU 2025–2027) | ~33% | 3‑yr performance vs plan | N/A (forward program design) | TSR modifier ±25% applies | PSUs vest after 3 years . |
| EPS Growth (PSU 2025–2027) | ~33% | 3‑yr GAAP EPS growth (adjusted per plan) | EPS $2.46 in 2024 vs $2.07 in 2019 (+≈19%) | TSR modifier ±25% applies | PSUs vest after 3 years . |
| Free Cash Flow (PSU 2025–2027) | ~33% | 3‑yr FCF delivery vs plan | N/A (design element disclosed) | TSR modifier ±25% applies | PSUs vest after 3 years . |
Equity Ownership & Alignment
- Stock ownership guidelines: executives must hold stock at levels aligned to role; PSUs count only after performance criteria met; options do not count; committee may withhold up to 50% of annual incentive or mandate 100% net share retention until compliant .
- Share retention policy: executives not meeting guidelines must retain 50% of net shares from option exercises/PSU/RSU releases until compliance or separation .
- Hedging/short selling/pledging: prohibited for Directors, Section 16 Officers (includes execs) and designated insiders; also prohibits holding KO stock on margin or borrowing against KO stock .
- Clawback policy: compliant with NYSE/SEC Rule 10D‑1; recoup incentive‑based compensation in restatement scenarios; broader recoupment for violations causing reputational harm, disclosure of confidential information, accepting employment with competitors or soliciting employees (applies during employment and extends to later of one year from separation and payment) .
Employment Terms
- Severance: Covered by The Coca‑Cola Company Severance Plan; involuntary termination benefits up to two years of base pay (lump sum); no separate CIC severance agreements; no tax gross‑ups for CIC .
- Change‑in‑control (equity): “Double‑trigger” required (CIC plus qualifying termination) for acceleration; PSUs valued per program status (maximum/target prorated as applicable) and options accelerated .
- Annual Incentive under CIC: target AIP amount guaranteed post‑year end; prorated if leaving during the year .
- Deferred compensation: Eligible executives can defer up to 80% salary/95% annual incentive; no company match; distributions per elections; 409A six‑month delay for specified employees .
Compensation Peer Group (Benchmarking)
- KO’s comparator group includes Abbott, ADM, Colgate‑Palmolive, Danone, Intel, J&J, Kimberly‑Clark, Kraft Heinz, McDonald’s, Mondelēz, Nestlé, NIKE, PepsiCo, Pfizer, Philip Morris International, Procter & Gamble, Starbucks, Unilever; used to calibrate salary ranges, incentive targets, LTI ranges, ownership guidelines, and alignment analyses .
Governance & Say‑on‑Pay Signals
- Summary of practices: pay aligned to performance; robust targets; equity burn rate restraint; share ownership/retention; double‑trigger CIC in equity; prohibitions on hedging/pledging; clawbacks; limited perquisites; no tax gross‑ups for CIC .
- KO cites strong say‑on‑pay results in last two years and rebalanced non‑financial incentive goals; 2025 AIP and PSU weightings adjusted to current strategy .
Performance & Track Record (Selected highlights)
- Legal leadership through bottler vertical integration and global operating unit transitions; led Africa BU legal across 24 countries (2013–2017) and NA GC (2018–2021) .
- Anchored GC appointment in April 2021 during pandemic and subsequent organizational evolution .
- KO shareholder value context: Value of initial fixed $100 TSR rose to 131 by 2024; peer group TSR 121; organic revenue growth 12% in 2024 .
Board Governance (non‑KO board roles)
- Public company directorship at VICI Properties Inc.; additional non‑profit and academic boards (University of Michigan Alumni Association; Woodward Academy; Junior Achievement USA) .
Risk Indicators & Red Flags
- Hedging/pledging KO stock prohibited for executive officers; mitigates misalignment and margin call risks .
- Double‑trigger CIC and standardized severance plan (no individualized CIC agreements/gross‑ups) reduce windfall risks .
- Clawback scope beyond restatements (policy/code violations, reputational harm, competitive employment, solicitation) elevates enforcement leverage .
Investment Implications
- Compensation alignment: Executive pay structures emphasize multi‑year performance (PSUs with TSR modifier; options) and rigorous annual financial targets—supportive for long‑term value creation and risk mitigation .
- Retention risk appears contained: Ownership/retention requirements, hedging/pledging prohibitions, and clawbacks create strong retention and alignment incentives; severance is standardized (max two years of base) without CIC tax gross‑ups .
- Transparency caveat: Monica Howard Douglas is an executive officer but not a 2024 NEO, so individual compensation, grants, and beneficial ownership are not separately disclosed in the proxy tables—monitor Form 4 filings and future proxies for award detail and any insider transactions .