(ATR) Olympic TOP sponsor Coca-Cola is undergoing a change in senior leadership structure.
Chairman and chief executive officer Muhtar Kent is stepping down as CEO, with current president and chief operating officer James Quincey named as his replacement. Kent, who is 64, will remain as chairman of the company’s board of directors.
Coca-Cola says the 51-year-old Quincey, who has been with the company since 1996 and was promoted to COO in August 2015, will assume his new responsibilities in May 2017.
Kent has been chairman and CEO since 2008 and recommended Quincey for promotion.
"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," said Kent in a statement. "James has the strategic vision and inspirational leadership to usher in the next phase of growth for our great business."
For his part, Quincey says he will continue to push forward in implementing the company’s plan to diversify its portfolio. Sales of the company’s sugary carbonated drinks have been slumping in recent years amid criticism they are a prime factor in rising obesity levels.
"We know that consumers are looking for less sugar, so we’re expanding the selection of low- and no-calorie products, in addition to working on more than 200 reformulation initiatives worldwide," Quincey said in an interview on the company’s website.
Quincey’s promotion was applauded by Warren Buffett, CEO of Berkshire Hathaway Inc, which is Coke's largest shareholder.
"I know James and like him, and believe the company has made a smart investment in its future with his selection," Buffett said in a statement.
Coca-Cola became a charter member of the Olympic TOP Program in 1986. According to the IOC, Coca-Cola's current partnership agreement runs until 2020.
Written by Gerard Farek
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