By Angela Chen
Coca-Cola Co. plans to add Marc Bolland and David Weinberg, the
chief executives of Marks & Spencer Group and Judd Enterprises
Inc., as directors in February, part of its push to refresh its
aging board.
Mr. Bolland, 55, has been CEO at British retailer Marks &
Spencer since 2010, and previously worked at Heineken International
NV and the supermarket chain Morrisons.
Mr. Weinberg, 62, is president of the early-stage technology
investment firm Digital BandWidth LLC, in addition to being chief
executive of Judd Enterprises, a private investment-management
office.
The appointments will bring the size of the board to 17
directors.
Coca-Cola's board has been transforming since early last year,
when veteran Coke directors Donald Keough and James Williams
retired. The board is one of the most powerful in the country, but
also one of the oldest.
Ahead of those retirements last year, Coke directors were on
average 67 years old, higher than the average of 62.6 years at
companies in the Standard Poor's 500-stock index, according to
recruiting firm Spencer Stuart.
But the company is starting to change that.
Other Coke directors in their 70s are expected to step down by
2015, and The Wall Street Journal has reported Coke is recruiting
people in their 50s, "who they want to get 20 years from,"
according to people familiar with the matter.
"Marc has extensive international experience in growing global
consumer brands, as well as significant retail expertise,"
Coca-Cola CEO Muhtar Kent said in a release. "And David's deep
financial expertise, experience with regulatory requirements and
entrepreneurial background will be valuable for our board."
In addition to Mr. Bolland and Mr. Weinberg, other younger
voices have joined in recent years. Robert Kotick, the 51-year-old
CEO of entertainment company Activision Blizzard Inc. joined in
2012. Evan Greenberg, the 59-year-old CEO of insurer ACE Ltd., has
been a director since 2011.
Mr. Bolland, meanwhile, said separately that he would step down
from the board of human-resources firm ManpowerGroup Inc. in
February.
Coke's board transition comes amid pressure from shareholders at
the world's largest beverage company, which failed to meet its
revenue growth targets last year. Results has been pulled down by
weak soda sales in the U.S. and elsewhere, and could fall short
again this year.
Coca-Cola said in October that it would overhaul its
executive-compensation plan before it goes into effect next year,
following criticism from billionaire investor Warren Buffett who
said the equity plan was excessive.The company will scale back
stock options and shift to more cash-based performance awards.
Mr. Buffett's Berkshire Hathaway Inc. is Coke's largest
shareholder with a 9% stake, and he has frequently criticized pay
plans that rely heavily on stock options as "lottery tickets" that
often generate outsize rewards.
Write to Angela Chen at angela.chen@dowjones.com
Corrections & Amplifications
An earlier version of this story incorrectly said Herbert Allen
had resigned from the board. He is still a director.
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