(Bloomberg). The executive chairman of Coca-Cola Co., Muhtar Kent, will pass the reins of the company next year to his chief lieutenant, James Quincey, trusting the job to an executive who is credited with turning the company towards the drinks less sugary.
Quincey, of 51 years, and who currently serves as chief operating officer of Coca-Cola, will assume the executive presidency on the 1st of may, the company said in a statement Friday. Kent, who will be 65 in 2017, will hold the office of president of the board of directors.
The transition will be Quincey, who was born in London, in front of the largest soft drink company in the world in moments in that it is adapted to a change of tastes. Many consumers in the united States and other developed countries are moving away from artificial ingredients and sugar, press to Coca-Cola to diversify its product offerings.
During the two decades at the company, with headquarters in Atlanta, Quincey contributed to the launch of smaller containers, and other initiatives to reduce the amount of calories of the beverages of the company.
Coca-Cola is also releasing a larger part of the global operations of traffic, a measure that will allow you to make a drastic reduction in staff and a focus on the development of products. On the other hand, during the management of Kent, embarked on an effort to reduce US$ 3,000 million of costs. Once you complete the transformation, Coca-Cola will be first of all a company selling concentrates and syrups to other companies, which manufacture, bottle and distribute the drinks.
"After working in close contact with James during the past 10 years from 20 of his career in our company, I know of his great knowledge of the industry, your experience at our brands, values and system, coupled with a great understanding of the evolution of the tastes of the consumers, all of which makes him the ideal candidate," said Kent, who has served as ceo for eight years.
investors approved of the change and prompted a rise of up to 3% to US$ 42,22 in New York. The actions of Coca-Cola had fallen by 4.6% this year through Thursday, with fears of a growth slowdown.
The majority of people had anticipated that Quincey would be the next leader of Coca-Cola, said in a report by Ali Dibadj, analyst at Sanford C. Bernstein & Co.
Quincey will also be nominated to a position on the board of directors in the assembly of the next year. The executive was appointed chief operating officer in August 2015 after serving as the head of the european group of the company and of the mexican division. Also led the acquisition in 2009 of the juice Innocent, a brand that is now sold in more than 14 countries.
Warren Buffett, the greatest investor of Coca-Cola, commended the executive chairman incoming. "I know James and I like it. I think that the company has made a smart investment in their future by electing him," said Buffett.
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