Coca-Cola chief executive, Muhtar Kent, to step down
Coca-Cola’s chief executive, Muhtar Kent, has confirmed he will step down next year.
Muhtar Kent
Kent, who has held the position since 2008, will step down on 1 May 2017 and will take up the role of chairman of the soft drinks company.
He will be succeeded by Coca-Cola’s president and operating chief, James Quincey, who will be tasked with leading the company at a time when consumers increasingly turn away from sugar-laden drinks.
Quincey joined Coke in 1996 and took up the role of president and chief operating officer in August 2015.
Commenting on the future chief executive, Kent said: "Having worked closely with James during the past 10 years of his 20-year career with our company, I know that his vast industry knowledge, expertise with our brands, values and system, coupled with an acute understanding of evolving consumer tastes, make him the ideal candidate to effectively lead our company and bottling system.”
The Coca-Cola board reportedly plans to nominate Quincey to stand for election as a director at its annual shareholder meeting in April.
The news follows on from the soft drinks company's biggest UK Christmas campaign in five years with 'A Coke For Christmas', it's first major campaign since centralising its social media strategy earlier this year.