(ATR) Coca-Cola plans to cut 1,200 jobs this year.
The soft-drink giant and Olympic Top Sponsor confirmed the job cuts this week, in the company’s latest quarterly earnings report. Cuts are part of a larger company restructuring aimed at saving the company $800 million. These are the first layoffs since January 2015.
Coca-Cola will see an executive transition next week with James Quincey taking over as Chief Executive on May 1. He inherits a company that has seen sales down 11 percent this year, according to reports.
Quincey has said he plans to move the company away from its dependence on sugary drinks. The downsizing fits in the overall restructuring, in an attempt to make the company leaner.
"While these necessary changes are always very difficult, they will help us do fewer things better to lead and support our operating units," Quincey said as reported by Fortune.
In addition to the elevation of Quincey, Coca-Cola announced the promotions of Francisco Crespo, Robert Long, Jennifer Mann and Bea Perez to Senior Vice President, and Barry Ballow to Vice President.
Tokyo Marathon to Advise Tokyo 2020
Organizers for Tokyo’s annual marathon are set to advise the Tokyo 2020 Olympic Committee.
A partnership between the marathon and Tokyo 2020 was signed Friday. The partnership is a collaborative agreement, aimed at transfer of knowledge instead of a traditional sponsorship.
Tokyo 2020 says, in a release, it will leverage the partnership to "deepen its understanding of how to prepare for and operate one of the most iconic events," of the Olympic Games. The Tokyo Marathon was first organized in 2007.
"That know-how and the experience we will gain running the Tokyo 2020 Games will hopefully be passed down as a legacy for future Tokyo Marathons," Naoko Takahashi, marathon gold medalist at Sydney 2000 said in a statement, "I believe that this partnership will create a valuable asset for the sporting community in Japan."
ITTF Teams Up With Legends Tour
The International Table Tennis Federation (ITTF) is now an official partner of the Table Tennis Legends Tour.
The ITTF reached the agreement just before the fourth edition of the Legends Tour, which was held in Metz, France on Friday.
The Legends Tour brings back leading table tennis players from the past to compete again on the world stage.
"The ITTF is always looking for great ideas to invest into, and the Legends Tour is definitely a great idea," ITTF President Thomas Weikert said in a statement.
"We have a lot of past superstars in our sport, so there is a big demand from spectators to watch them at the table again. We look forward to working with the Legends Tour team to grow these events to new heights."
Written by Aaron Bauer andGerard Farek
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