Friday, 16 December 2016

Coca-Cola CEO Muhtar Kent to step down

...To be replaced by COO, James Quincey
Muhtar Kent will step down as chief executive officer of Coca-Cola effective May 1, 2017 according to a release from the company.

James Quincey, president and chief operating officer of the giant beverage brand, will succeed Kent. Mr. Kent will continue as chairman of the board of directors. The board plans to nominate Mr. Quincey to stand for election as a director at the company’s annual shareowners meeting in April.

Mr. Kent, who began his career with the Coca-Cola Co. in 1978, has held his position as chairman and c.e.o. since April 2009. Previously he was president and c.e.o., and earlier, president and c.o.o.

“Managing the Coca-Cola Co. to ensure our long-term growth requires a thoughtful and orderly succession planning process,” Mr. Kent said. “I have been engaged with our Management Development Committee and the full board on talent development and succession discussions throughout my tenure as c.e.o. We are certain that James Quincey is prepared for these new responsibilities and is the absolute right choice to lead our company and system into the future.

“One of our board’s key priorities is developing the next generation of leaders, and James is a perfect example of our talent pipeline in action. Having worked closely with James during the past 10 years of his 20-year career with our company, I know that his vast industry knowledge, expertise with our brands, values and system, coupled with an acute understanding of evolving consumer tastes, make him the ideal candidate to effectively lead our company and bottling system. James has the strategic vision and inspirational leadership to usher in the next phase of growth for our great business.”

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