Coca-Cola Shuffles Executives; CEO Names a No. 2
October 18 2018 - 1:06PM
Dow Jones News
By Micah Maidenberg
Coca-Cola Co. boss James Quincey shuffled his management team,
promoting a company veteran into the vacant No. 2 role and
disclosing the retirement of the company's finance chief.
The Atlanta-based company said Thursday that Brian Smith will
become chief operating officer and president on Jan. 1. Mr. Smith,
a 21-year Coca-Cola employee, currently serves as president of the
company's Europe, Middle East and Africa unit.
The company said Mr. Smith, 62 years old, will oversee global
operations and the promotion will allow Mr. Quincey, who took over
as chief executive and president in May 2017, to focus on
big-picture issues.
Mr. Quincey hadn't named a No. 2 executive since taking over
leadership from Muhtar Kent, who remains Coke's chairman. Under Mr.
Quincey, 53, the company has been further diversifying away from
its soda roots, mostly notably with a $5.1 billion deal to acquire
the Costa Coffee chain, a competitor to Starbucks Corp.
Mr. Smith joined Coca-Cola in 1997 and served as the head of the
Brazil and Mexico divisions. He was president of the Latin America
business for three years before being selected in 2016 for his
current position running the Europe business.
Coke said its finance chief, Kathy Waller, will retire next year
after spending more than three decades with the company. Ms.
Waller, 60, took over as chief financial officer in 2014. John
Murphy, Coke's president for its Asia Pacific group, will succeed
her, starting in March.
Meanwhile, the company said Nancy Quan will become chief
technical officer next January. She succeeds Ed Hays, who is
retiring from the company. Ms. Quan currently serves as chief
technical officer for Coca-Cola in North America.
Shares of Coke were off slightly at $45.68 at midday. The stock
has been flat this year.
(END) Dow Jones Newswires
October 18, 2018 12:51 ET (16:51 GMT)
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