The Coca-Cola Company announces senior leadership succession plan
The Coca-Cola Company announced that its Board of Directors has approved unanimously the recommendation of Chairman and Chief Executive Officer Muhtar Kent for an evolution of the company’s senior leadership structure.
The Coca-Cola Company announced that its Board of Directors has approved unanimously the recommendation of Chairman and Chief Executive Officer Muhtar Kent for an evolution of the company’s senior leadership structure. Under the new structure, company veteran James Quincey, President and Chief Operating Officer, will succeed Kent as CEO, effective May 1, 2017. Kent will continue as Chairman of the Board of Directors.
The Board intends to nominate Quincey to stand for election as a director at the 2017 Annual Shareowners Meeting in April.
“Managing The Coca-Cola Company to ensure our long-term growth requires a thoughtful and orderly succession planning process,” said Muhtar Kent. “I have been engaged with our Management Development Committee and the full Board on talent development and succession discussions throughout my tenure as CEO. 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,” added Kent. “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.
“It has been the most wonderful and unique privilege to serve as Chairman and CEO of our great company over the past eight years,” Kent continued. “This transition comes at a time of important evolution for The Coca-Cola Company. Our journey to refocus on our core business model of building strong global brands, enhancing sustainable customer value and leading a strong, dedicated franchise system is well under way. During James’ time as President and COO, he has further demonstrated his deep understanding of the dynamics of our business and what it takes to win in the marketplace.”