Daily Management Review

James Quincey to become new CEO of Coca-Cola


12/09/2016


Chief Executive Officer of Coca-Cola Muhtar Kent resigns on May 1, 2017. He it will be replaced by James Quincey, who currently occupies position of President and Chief Operating Officer (COO) in Coca-Cola, said the company in a statement.



Ben Franske
Ben Franske
Kent will keep his seat in the board of directors. Quincey has worked in Coca-Cola since 1996, and has been appointed COO in August 2015.

Shares of Coca-Cola, which is the largest producer of soft drinks in the world, rose by 1.3% during preliminary auction in New York on Friday. Over the past 12 months, the company's capitalization has decreased by 4%, to $ 176.75 billion.

Net profit of Coca-Cola, the largest soft drinks manufacturer in the world, decreased by 28% to $ 1.05 billion in the III quarter of 2016, compared to the same period in 2015.

Earnings diluted per share were $ 0.24 versus $ 0.33 a year earlier. Experts expected figure of $ 0.48. Operating revenue declined in annual terms by 7% to $ 10.633 billion.

In January-September this year, net profit decreased by 2% year on year to $ 5.98 billion. Net diluted earnings per share were $ 1.37 versus $ 1.39 a year earlier. Operating revenue of Coca-Cola has decreased by 5% to $ 32.454 billion in annual terms.

The company continues to expect organic revenue growth of 3% in 2016. At the same time, Coca-Cola predicts decline in earnings per share by 4-7% compared to last year's figure of $ 2.

51-year-old Quincey has been with the company for 20 years. From 2013, he served as President of the European group of the company, which is in charge of operations on the territory of 38 countries, including EU Member States and the Balkan States. During Quincey’s term, "European group - the most profitable groups - strategically expanded its range of products and improved activity in their area of responsibility", - said the company in an earlier press release. 

source: ap.org






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