Coke spokesman Ben Deutsch defended Isdell's compensation package.

"His annual compensation is reflective of the board's confidence in his ability to lead the company. It is within the competitive range of CEOs at other high performing peer companies," Deutsch said.

He cited the $1 million in salary and $3.8 million bonus that rival PepsiCo Inc.'s chief executive, Steven S. Reinemund, received last year. He also noted that Isdell's predecessor at Coke, Doug Daft, received $1.5 million in salary last year and a $4 million bonus.

Big pay packages are nothing new at Atlanta-based Coke, the world's largest beverage maker. However, the company has struggled of late, something Isdell has vowed to turn around.

On Wednesday, Coke, citing poor weather in Europe and problems executing its business strategy in North America, said its net earnings for the July-September period will be in the range of 35 cents to 38 cents. At 38 cents, that would be a 24 percent earnings per share decline from the 50 cents Coke reported in the same period in 2003.

At the time, Isdell, who was named in May as Daft's replacement, said the company needs to work harder, better execute its business strategy and improve its culture. In addition to his annual salary, Isdell also will be eligible for 200 percent of his base salary, or $3 million, a year as part of the company's incentive program and $10.5 million as part of the company's annual long-term equity plan, yesterday's regulatory filing shows. The actual amounts he receives will be based on his and the company's performance.

Other perks: Isdell is eligible to receive company-paid membership and reimbursement of dues and initiation fees associated with country clubs and social clubs he joins for business purposes, and is eligible to receive reimbursement of $10,000 in financial planning and counseling services in the first year of a related company program.