OMAHA, NE (AP) - Investor Warren Buffett is praising the changes Coca-Cola made to its executive compensation plan after he and other investors criticized it.
Buffett said Thursday on CNBC that he thinks the changes Coke announced this week make great sense.
The world's largest beverage maker said Wednesday it will give out fewer shares under its long-term incentive program to a smaller group of executives.
Other Coke executives will be rewarded with cash. Buffett says the changes show that Coke is treating its stock like a precious commodity, just as he thinks it should.
Buffett abstained from voting Berkshire Hathaway's 400 million Coke shares on the compensation plan in the spring, and he expressed his concerns with the company's managers.
Some investors, including Wintergreen Advisers, criticized Buffett for not voting against the plan.