'Stunned' when I saw Coca-Cola pay plan

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Activist investor David Winters told CNBC on Friday he was "absolutely stunned" when he learned about Coca-Cola's equity compensation plan for executives. He urged the beverage giant to withdraw the plan.

Warren Buffett told CNBC in an earlier interview that aired Friday that he believes Coca-Cola will be responsive to shareholder concerns about its controversial plan, and he said he wouldn't be surprised if the company revised the plan before it goes into effect next year. 

Read More Buffett: I think Coke will listen on executive pay

Appearing on " Squawk Box ," Winters said he was glad that Buffett also thought the plan was excessive, while reiterating his Wintergreen Advisers' position that it would be dilutive to current shareholders. "They are the custodians of the secret formula. This is a 100-some-odd-year-old company. Do they really need tens of billions of dollars for a couple years work? It seems wrong, especially in today's society.

Winters was in Omaha, Nebraska-among the 38,000 people expected to attend the annual shareholders meeting of Buffett's Berkshire Hathaway this weekend.

While saying he loves Coca-Cola, Winters said the handling of this equity plan issue has raised governance questions. He also questioned who knew what and when-asking whether the company had sought Buffett's advice before last week's vote and ignored the billionaire investor, who ended up sitting out.

At Coca-Cola's annual meeting last week, Buffett abstained from the shareholder vote, which garnered 83 percent support. According to a Securities and Exchange Commission filing, only about half of the outstanding shares were voted.

-By CNBC's Matthew J. Belvedere

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