Coca-Cola Co. (NYSE: KO) announced on Friday that its board of directors has approved unanimously the recommendation of Chairman and CEO Muhtar Kent for the succession of the chief executive officer position. Accordingly, 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 shareholder meeting in April.
Quincey was named president and COO in August 2015. Earlier this year, he put in place a new international operating structure and leadership team to make the company more efficient and effective at the local levels, helping operating units become faster and more agile.
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The company has praised him, saying that throughout his career at Coca-Cola, Quincey has shown “leadership in addressing consumer changes by expanding product offerings, introducing smaller package sizes, and most recently, driving systematic portfolio reformulation to reduce added sugar with over 200 initiatives in progress.”
Prior to this role, Quincey served as president of Coke’s Europe Group. Under his leadership, the Europe Group was the company’s most profitable operating group, as it strategically expanded its brand portfolio and improved execution across the geography.
Kent commented:
Managing The Coca-Cola Company to ensure our long-term growth requires a thoughtful and orderly succession planning process. 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.
Shares of Coke closed Friday up 2.5% at $42.00, with a consensus analyst price target of $46.61 and a 52-week trading range of $39.88 to $47.13.
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