Coca-Cola chief executive Muhtar Kent is stepping down after eight years at the helm of one of the most recognized brands in the world. Kent, who is 64, will be placed by 51-year-old James Quincey, Coke’s chief operating officer, who will take over leadership on May 1 next year. The change at the top of Coca-Cola follows just days after Howard Schultz, the chief executive of Starbucks, another beverage company, stood down.
Quincey has worked at Coke for 20 years and in his current role has responsibility for Coke staying on top of changing consumer tastes.
Quincey said: “I am truly honored and humbled to lead this great company into the future. Muhtar has been a catalyst for change at The Coca-Cola Company - driving the transformation of our global bottling system, expanding our product portfolio and making sustainability a business imperative.”
“I am committed to continuing my strong partnership with Muhtar, our talented management team and associates, and our valued bottling partners to continue this momentum and capture the enormous opportunities in front of us.”
Kent, who is to continue as chairman, has held a variety of role in a career at Coke, which he first joined in 1978. He has served as president and COO of its North Asia, Eurasia and Middle East business and general manager of its Turkish business.
“It has been the most wonderful and unique privilege to serve as chairman and CEO of our great company over the past eight years,” Kent said in a statement.
“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. James has the strategic vision and inspirational leadership to usher in the next phase of growth for our great business.”
Coke investor Warren Buffett of Berkshire Hathaway (BRKA) said Kent had proved to be an “excellent steward" of the company while commenting that Quincey was a "smart investment" for the future of Coca-Cola.
Under Kent’s stewardship, Coke has looked to diversify beyond its core soda business including overseeing the $2bn purchase of Monster Beverage, the energy drinks company.
Sam Nunn, independent lead director said: “On behalf of the Board, we thank Muhtar for his outstanding leadership and dedication as the Chairman and CEO of The Coca-Cola Company. Muhtar has been a true visionary who led the company through sustained growth and set the stage for the tremendous opportunity that lies ahead.”
“Muhtar has consistently put the next decade in front of the next quarter and laid a solid foundation for his successor and the shareowners. Among his many achievements, Muhtar has built a world-class leadership team and we are fortunate to have a leader with James’ capabilities as our next CEO.”
