Spaniard Ramon Laguarta earned $28.4 million in 2022 as president of PepsiCo | Economy

The highest paid Spanish managers work in the United States. Bonuses for Ramon Laguarta, president and CEO of the multinational PepsiCo, will amount to $28.4 million in 2022 (about €26.4 million at the current exchange rate), according to Documents provided by the company to shareholders for the next meeting on May 3.

Thus, Lagarta surpasses the salaries of two other Spaniards who head large multinational companies listed on Wall Street: HP’s head, Enrique Lloris ($ 21 million), and Johnson & Johnson’s Joaquín Duato ($ 13.1 or $ 19.9 million, depending on it). on the criteria used). Where no other top manager’s salary is published, Laguarta ranks as the highest paid Spanish executive for his duties in 2022 known. The only exception is Pablo Isla, who received 27.2 million euros, but mostly as a settlement for his cessation of the presidency of Inditex.

PepsiCo CEO’s salary grew 11% from $25.5 million a year earlier. It is divided as follows. Lagorta received 1.6 million in salary. He received an incentive of $9.4 million in shares, and the company notes that if the targets are exceeded, it could reach $18.8 million, bringing the total to $37.8 million. In addition, the PepsiCo chairman received an annual bonus of $6.3 million and another multi-year bonus of $6.2 million. Added to this is a 4.5 million increase in the value of his retirement plan. The total amount was rounded at $602,000 in other compensation, including $469,000 for personal use of the company’s aircraft.

Starting this year, the SEC is requiring companies to calculate and publish in their compensation reports a number it calls “compensation already paid” which, paradoxically, does not correspond to compensation already paid. That number, which takes into account increases in the value of incentives offered in previous years, was $39.46 million in Lagarta’s case.

Lagarta, 59, has led PepsiCo since 2018 and chaired its board since 2019. He joined the Spanish subsidiary in 1996 from Chupa Chups and previously held various positions of responsibility within the group, mainly in Europe.

On the meeting call, he reviews the company’s accomplishments in 2022, the year it generated $86,000 million in revenue, with growth of 8.7% and 14.4% in reported and organic revenue, respectively, and an increase of 17% and 11% in revenue. The reported and constant currency EPS, respectively. The company will pay its shareholders about $7.7 billion in 2023: $6.7 billion in dividends and $1 billion in share buybacks.

To determine his reward, the Board of Directors assessed that in 2022, “Laguarta has provided strong strategic leadership in a demanding environment to lead PepsiCo to exceed most of its financial goals, while remaining focused on long-term value creation” for its shareholders. and navigating a dynamic operating environment. The company highlights the goals achieved during the year.

The salary of the company’s president is equivalent to 543 times that of the average PepsiCo employee, who receives a salary ($ 52,315), more than half of the employees and less than the other half, according to the company. On the other hand, Laguarta owns company shares worth approximately $33.5 million.

At the shareholders’ meeting, a motion to separate the positions of president and CEO into two different people is put up for a vote, but the board of directors recommends a vote against this decision.

Laguarta’s salary is at least twice that of the chiefs and CEOs of the largest Spanish companies by market capitalization: Inditex, Iberdrola, Banco Santander and BBVA. Ignacio Sánchez Galán, the boss of Iberdrola and the highest paid in that group, earned €13m last year. Banco Santander President Ana Botín has earned €11.7m in 2022. Oscar García Maceras has earned €8.4m as CEO of Inditex. BBVA President Carlos Torres won 8.3 million. With a capitalization of $245,000 million, PepsiCo is worth nearly as much on the stock market as those four large Spanish corporations combined.

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