PepsiCo CEO's pay down amid compensation change

NEW YORK (AP) — PepsiCo gave CEO Indra Nooyi a pay package worth $12.6 million last year, down 11 percent from the previous year, as the soda-and-snack food giant changed the way it awards long-term incentive compensation.

The Purchase, N.Y.-based company did away with outright option awards last year and instead gave Nooyi a long-term incentive award tied to the performance of the company's future stock price and other metrics. That figure is not included in the pay summary filed with the Securities and Exchange Commission.

For the year, Nooyi's earned a base salary of $1.6 million and incentive pay of $3.3 million, as PepsiCo said it met its financial goals during a year of restructuring.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.