Coca-Cola Names New President, COO

Dow Jones Newswires

Coca-Cola Co. named James Quincey president and chief operating officer. Mr. Quincey, 50 years old, has worked at Coca-Cola for 19 years and has been president of the company's Europe group since 2013. He also helped lead the recently announced merger of Coca-Cola Enterprises, Coca-Cola Iberian Partners SA and Coca-Cola Erfrischungsgetranke AG. The new entity will become the world's largest independent Coca-Cola bottler based on revenue. "His wealth of experience across our global system, particularly in Europe and Latin America, will be a valuable asset as we continue to accelerate growth through our 2020 Vision and our previously announced five strategic actions," Chief Executive Muhtar Kent said of Mr. Quincey. Coca-Cola also said Ahmet Bozer, who is president of Coca-Cola International, will retire in March. The 55-year-old Mr. Bozer, once considered a succession candidate and a top deputy to Mr. Kent, joined Coke in 1990. The world's largest beverage company has been struggling recently as health-conscious consumers turn away from soda. It said last year that it plans to eliminate at least 1,000 to 2,000 jobs globally in the coming weeks, the biggest thinning of its ranks in 15 years. It also introduced stricter budgeting, telling executives to swap limousines for taxis and dropping its lavish Christmas party for Wall Street analysts. Shares, inactive premarket, have fallen about 2% this year.

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