By Mike Esterl And Angela Chen
Coca-Cola Co. named James Quincey president and chief operating
officer, making him the clear No. 2 to Chairman and Chief Executive
Muhtar Kent.
Mr. Quincey, 50 years old, has worked at Coca-Cola for 19 years
and has been president of the company's Europe group since 2013.
Before that, he oversaw Coke's Northwest Europe and Nordic business
unit and spent several years in Latin America, including heading
Mexican operations.
Mr. Quincey helped lead the recently announced merger of
Coca-Cola Enterprises, Coca-Cola Iberian Partners SA and Coca-Cola
Erfrischungsgetranke AG. The new entity will become the world's
largest independent Coca-Cola bottler based on revenue.
"His wealth of experience across our global system, particularly
in Europe and Latin America, will be a valuable asset as we
continue to accelerate growth through our 2020 Vision and our
previously announced five strategic actions," Mr. Kent said of Mr.
Quincey.
Mr. Quincey's promotion also positions him as the leading
internal candidate to eventually succeed the 62-year-old CEO, who
has run the Atlanta-based beverage giant since 2008.
Coke also said Ahmet Bozer, who is president of Coca-Cola
International, will retire in March. The 55-year-old Mr. Bozer,
once considered a succession candidate and a top deputy to Mr.
Kent, joined Coke in 1990.
The changes come at a critical time for the company, which has
missed its growth targets the past two years and has warned it will
fall short again this year as it grapples with sales slowdowns in
key markets around the globe. Weakening foreign currencies also
weigh on results.
In October, Coke announced a $3 billion cost-cutting program
aimed at redirecting savings toward stepped-up investments and
marketing in its brands, which include Sprite and Fanta soft
drinks, Minute Maid juices and Dasani water in addition to its
flagship cola.
Pressure has been building in inside and outside the company for
Mr. Kent to name a deputy to help him manage the far-flung company,
which sells its products in every country except Cuba and North
Korea. Critics have said Mr. Kent has too many responsibilities and
could benefit from a chief operating officer so he could focus more
on strategic decisions.
Mr. Kent and the company hadn't signaled any clear CEO
succession candidate before Thursday, and Mr. Kent hasn't said he
intends to step down any time soon. The title of president carries
great weight at Coke and was given to Mr. Kent before he became
CEO.
Coke's board of directors praised Mr. Quincey's elevation in a
statement accompanying the announcement.
"The Board unanimously agrees that James Quincey's leadership
experience coupled with his strategic thinking and proven ability
to deliver results make him the right person to help execute
Coca-Cola's strategic priorities and drive sustainable growth,"
said Sam Nunn, the company's independent lead director.
Mr. Nunn said Mr. Quincey "will complement Muhtar's skills and
qualities, making them a formidable team as they work to advance
the Company's growth agenda."
Two of Mr. Kent's top deputies will report to Mr. Quincey: Irial
Finan, president, bottling investments and supply chain, and J.
Alexander "Sandy" Douglas Jr., president of the North America
group. Both have been viewed recently as possible internal
successor candidates.
"James is emblematic of the deep bench strength we have
developed at Coca-Cola, and I could not be more pleased about his
appointment to this critical role at this important time," Mr. Kent
said in a statement.
Mr. Kent named Mr. Bozer to head the international division in
2012. At the time, he also named Steve Cahillane to oversee the
Americas business, setting up what was viewed at the time as an
early two-horse race to eventually succeed Mr. Kent.
But Mr. Cahillane left Coke in early 2014 amid disagreements
with Mr. Kent and weakening results. As Coke's international
business struggled, Mr. Bozer was no longer was viewed as a strong
succession candidate.
Mr. Bozer will stay with Coke until March "to ensure a smooth
transition and serve as an adviser to Muhtar Kent and the Company
on key strategic initiatives," the company said in a statement.
Tripp Mickle contributed to this article.
Write to Mike Esterl at mike.esterl@wsj.com and Angela Chen at
angela.chen@wsj.com
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