UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2015
COCA-COLA ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
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Delaware | | 001-34874 | 27-2197395 |
(State or other jurisdiction of incorporation) | | (Commission File No.) | (IRS Employer Identification No.) |
2500 Windy Ridge Parkway, Atlanta, Georgia 30339
(Address of principal executive offices, including zip code)
(678) 260-3000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 6, 2015, Coca-Cola Enterprises, Inc. (the Company) issued a press release announcing the appointment of Damian Gammell as its chief operating officer, effective later this year. Mr. Gammell will be located in Great Britain, and the material terms of his compensation arrangements provide for an annual base salary of $1,050,000, which will be converted to GBP prior to his hire date, and a target bonus of 130% of his annual salary under the Executive Management Incentive Plan. Mr. Gammell will be eligible to receive an annual long-term incentive (LTI) award with a value of $5,200,000, which will have the same vesting schedule as other annual award recipients, as well as a new hire award of restricted stock units (RSUs) with an approximate value of $4,000,000. The RSU award will vest in increments of 25% on the first and second anniversaries of the award date and 50% on the third anniversary. Mr. Gammell will also receive a cash sign-on bonus of $3,000,000, which is payable over two years. In addition, the Company will pay Mr. Gammell approximately $2,750,000, which represents a portion of the incentive compensation from his current employer that he will forfeit by becoming our employee during 2015. If Mr. Gammell is involuntarily terminated prior to 2018 for any reason, other than for cause, or if he voluntarily terminates his employment for good reason, he would retain his new hire RSU award and his cash sign-on bonus, provided that he releases, in writing, the Company and its associated companies from any legal claims related to his employment and/or his termination. If Mr. Gammell were to voluntarily terminate his employment (other than for good reason) prior to the end of 2018, he would be required to repay his sign-on bonus and any unvested RSUs from his new hire award would be forfeited.
The Company also announced the retirement of Hubert Patricot, President, Europe Group during 2016. John F. Brock, the Company’s Chairman and Chief Executive Officer, expressed his appreciation for Mr. Patricot’s invaluable contributions to Coca-Cola Enterprises, as well as to the Coca-Cola system. During his almost 30 years of service, Mr. Patricot has served in a variety of senior executive and management roles, including as an Executive Vice President of the Company and as General Manager of its businesses in Great Britain and France. He will continue to serve as Chairman of UNESDA, the Union of European Soft Drinks Associations.
The press release is attached as Exhibit 99.1
Item 9.01. Financial Statements and Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| COCA-COLA ENTERPRISES, INC.
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| | (Registrant)
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Date: August 11, 2015 |
By: |
/s/Suzanne N. Forlidas |
| Name: | Suzanne N. Forlidas |
| Title: | Vice President, Secretary and Deputy General Counsel |
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EXHIBIT LIST
EXHIBIT
NUMBER DESCRIPTION
99.1 Press Release dated August 6, 2015.
EXHIBIT 99.1
CONTACTS: Investor Relations
Thor Erickson
+1 (678) 260-3110
U.S. Media Relations
Fred Roselli
+1 (678) 260-3421
European Media Relations
Ros Hunt
+44 (0) 7528 251 022
COCA-COLA ENTERPRISES, INC. APPOINTS DAMIAN GAMMELL AS
CHIEF OPERATING OFFICER
ATLANTA, August 6, 2015 – Coca-Cola Enterprises (NYSE/Euronext Paris: CCE) today announced the appointment of Damian Gammell as Chief Operating Officer and the retirement of Hubert Patricot, President European Group in 2016.
Mr. Gammell will join the Company later this autumn from Anadolu Beverage Group, where he currently serves as President and Chief Executive Officer. Anadolu, based in Turkey, is one of the world’s largest beverage companies and owns Coca-Cola Icecek, one of the largest and fastest-growing bottlers of Coca-Cola products by sales volume. With operations across Eurasia, Anadolu serves more than 660 million consumers. He joined the Group in 2010 from The Coca-Cola Company, where he held CEO roles in Russia and Germany. During his 20-year career with the Coca-Cola system, Mr. Gammell has worked in Eastern Europe, Russia, Australia, Korea, Indonesia, Germany, Turkey and Pakistan, among other locations.
Mr. Gammell holds a Master of Science in change management from Oxford University and HEC Paris. He has also completed programs at the Kennedy School of Government, Harvard University, and the Dublin Institute of Technology.
“Damian has had a distinguished career in the Coca-Cola system, where he has a proven track record of driving high-performance cultures while implementing long-term strategies that deliver sustainable results,” said John F. Brock, Chairman and Chief Executive Officer. “He has demonstrated both a deep understanding of the bottling industry and an ability to lead large, complex operations in Europe and beyond. We look forward to welcoming Damian to Coca-Cola Enterprises, and to benefitting from his knowledge and expertise as we pursue the important work of taking Coca-Cola Enterprises to the next level.”
Mr. Brock added, “We thank Hubert for his invaluable contributions to Coca-Cola Enterprises and the Coca-Cola system. For nearly 30 years, Hubert has been a highly-regarded and effective leader within the Coca-Cola system, and has been a trusted partner to me since I joined CCE. His extensive experience, customer focus, passion for marketplace and digital execution, and commitment to driving innovative approaches to our business have contributed significantly to Coca-Cola Enterprises’ leadership position in these important areas. We are pleased that he will remain at CCE for an extended period of time to deliver on our business goals for 2015, and to work with Damian to ensure an orderly transition.”
Mr. Patricot joined the Coca-Cola system in France in 1986. During his long tenure, he served in a variety of senior executive and management roles at Coca-Cola Enterprises, including Executive Vice President, and General Manager of CCE’s business in both Great Britain and France. He will continue to serve as Chairman of UNESDA, the Union of European Soft Drinks Associations.
ABOUT CCE
Coca-Cola Enterprises, Inc. is the leading Western European marketer, producer, and distributor of nonalcoholic ready-to-drink beverages and one of the world’s largest independent Coca-Cola bottlers. CCE is the sole licensed bottler for products of The Coca-Cola Company in Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway, and Sweden. CCE operates with a local focus and has 17 manufacturing sites across Europe, where the company manufactures nearly 90 percent of its products in the markets in which they are consumed. Sustainability is core to CCE’s business, and the company has been recognized by leading organizations in North America and Europe for its progress in water use reduction, carbon footprint reduction, and recycling initiatives. For more information about CCE, please visit www.cokecce.com and follow the company on Twitter at @cokecce.
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