Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said he opposes Coca-Cola Co.’s plan to pay employees with stock and abstained from a vote on the proposal out of loyalty to the soft-drink maker.
Warren Buffett owes it to shareholders of his Berkshire Hathaway Inc. to vote against Coca-Cola Co.’s executive-compensation plan, said David Winters, a money manager who controls stakes in both companies.
Onex Corp., Canada’s largest buyout firm, paid Chief Executive Officer and founder Gerald Schwartz $85.3 million in 2013 compensation, higher than payouts for the top executives of Walt Disney Co., Coca-Cola Co. and Visa Inc. combined.
Warren Buffett, speaking last April at Coca-Cola Co.’s annual meeting, warned that the beverage giant shouldn’t get complacent about its success. Ten months later, those words could come back to haunt the company.
Coca-Cola Co., the world’s largest beverage company, dropped the most in more than two years after North American soft-drink demand shrank and its once- effervescent growth in emerging markets showed signs of slowing.
Coca-Cola Co. Chief Executive Officer Muhtar Kent, trying to speed efforts to improve the company’s North American distribution system, shook up his management team, resulting in the departure of a leader once considered a contender to succeed him.
Coca-Cola Co. will expand calorie labeling to the front of all packages and reiterated its pledge not to advertise to children under 12 anywhere as the world’s largest soft-drink maker fights criticism that it is contributing to obesity.