PepsiCo's Indian-born chairman and chief executive Indra Nooyi received $17.1 million in compensation in 2011, a 5.8% increase from her 2010 package, according to a regulatory filing.
The increase was driven largely by changes in the value of her retirement benefits at PepsiCo, according to the Securities and Exchange Commission filing released on Friday
Nooyi, 56, who has been the soft drink major's chief executive since 2006, got a 2011 annual incentive award of $2.5 million, 22% below her performance-based target. She got a 2011 long-term incentive award valued at $9.4 million.
Nooyi's annual base salary was increased from $1.3 million to $1.6 million, effective February 2011. It was her first bump in base pay since her appointment as CEO.
PepsiCo is undertaking a turnaround this year that will try to boost the company's performance, especially in its Americas beverage division where sales have been lacklustre.
PepsiCo is slashing 8,700 jobs and boosting its marketing budget this year by up to $600 million that it will invest mostly behind a dozen global brands.
The beverage-and-snacks giant has also taken some steps lately to bolster its management bench and preparing for an eventual successor to Nooyi.
Earlier this month, PepsiCo brought in Brian Cornell, former head of Wal-Mart Stores Inc.'s Sam's Club division, to head PepsiCo Americas Foods, which includes Frito-Lay snacks and Quaker Foods. Longtime executive John Compton was also elevated to the new role of president.