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Kent to Retire After 41 Years in the Coca-Cola System; Board of
Directors Elects Quincey as Company Chairman
Sam Nunn to Step Down After 22 Years as a Director; Board Elects Maria
Elena Lagomasino as Lead Independent Director to Succeed Nunn
James Quincey was elected today as the 14th chairman of The Coca-Cola
Company, succeeding Muhtar Kent, who plans to retire in April after a
Coca-Cola system career that started in 1978.
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James Quincey, who currently serves as Coca-Cola President and CEO, is expected to become chairman and CEO in April 2019. (Photo: Business Wire)
Quincey, who currently serves as president and CEO, will become chairman
following the company’s annual meeting in April 2019. He will then serve
as chairman and CEO. As previously announced, Brian Smith will become
president and chief operating officer of the company on Jan. 1, 2019.
Kent will remain as the company’s chairman through the 2019 annual
meeting, where he will not stand for reelection as a director. Kent
served as both chairman and CEO from 2009 until 2017 and continued as
chairman after Quincey became CEO.
Nunn to retire
The company also announced that Sam Nunn will not stand for reelection
at the 2019 annual meeting, closing a 22-year tenure as a Coca-Cola
director, including the last five years as lead independent director.
Nunn, a former U.S. senator who represented the state of Georgia from
1972 to 1996, has served as a Coca-Cola board member through a period of
remarkable changes, including the successful transition of the CEO
position from Kent to Quincey in May 2017 and the rapid diversification
of the company’s beverage portfolio.
The board has elected Maria Elena “Mel” Lagomasino as Nunn’s successor
as lead independent director. Lagomasino joined the Coca-Cola board in
The new roles for Quincey and Lagomasino are contingent on their
reelections as directors at the 2019 annual meeting.
From delivery truck to chairman
Kent, whose early days with Coca-Cola included time working on a
delivery truck, has held a wide range of roles over the years. Kent’s
full bio is available at https://www.coca-colacompany.com/our-company/board-of-directors-muhtar-kent.
“One of the most important jobs of a chairman is to ensure that a strong
leadership succession plan is in place,” Kent said. “I’m delighted that
the board has elected James as chairman. He is the right leader to take
the Coca-Cola system to the next level and through the next decade.”
Quincey becomes the 14th chairman in the 132-year history of the
company. He joined Coca-Cola in 1996 and has held a variety of positions
around the world. Quincey’s full bio is available at https://www.coca-colacompany.com/our-company/operations-leadership-james-quincey.
“I’m honored that the board of directors has asked me to serve as
chairman of the company,” Quincey said. “I appreciate the years of
mentorship, encouragement and insights I’ve gained from Muhtar. I also
join my fellow directors in thanking Sam for his many years of service,
and I look forward to working with Mel as she steps into an expanded
role as lead independent director.”
New lead independent director
Nunn’s wide-ranging career includes serving as co-chairman and former
CEO of the Nuclear Threat Initiative. He was also a director of Chevron
Corp., Dell Inc., General Electric Co. and Scientific Atlanta. Nunn’s
full bio is available at https://www.coca-colacompany.com/our-company/board-of-directors-sam-nunn.
Lagomasino is CEO and managing partner of WE Family Offices, a global
family office serving high-net-worth families. She has held a variety of
business leadership roles. She serves on the board of The Walt Disney
Co. and previously was a director of Avon Products Inc. Lagomasino’s
full bio is available at https://www.coca-colacompany.com/our-company/board-of-directors-maria-elena-lagomasino.
As lead independent director, Lagomasino’s duties will include executing
all matters of the board as outlined in the company’s corporate
governance guidelines. These include leading the board’s annual
evaluation of the chair and CEO; having the authority to call meetings
of independent directors; approving board agendas; and presiding over
meetings of independent directors and non-employee directors. For more
information on the role of lead independent director, visit https://www.coca-colacompany.com/investors/corporate-governance-guidelines.
“Sam has had a remarkable career and has served as a valued voice on our
board of directors,” Kent said. “As he steps down, I can’t think of a
better person to succeed him than Mel.”
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is a total beverage company, offering
over 500 brands in more than 200 countries and territories. In addition
to the company’s Coca-Cola brands, our portfolio includes some of the
world’s most valuable beverage brands, such as AdeS soy-based beverages,
Ayataka green tea, Dasani waters, Del Valle juices and nectars, Fanta,
Georgia coffee, Gold Peak teas and coffees, Honest Tea, innocent
smoothies and juices, Minute Maid juices, Powerade sports drinks, Simply
juices, smartwater, Sprite, vitaminwater and ZICO coconut water. We’re
constantly transforming our portfolio, from reducing sugar in our drinks
to bringing innovative new products to market. We’re also working to
reduce our environmental impact by replenishing water and promoting
recycling. With our bottling partners, we employ more than 700,000
people, helping bring economic opportunity to local communities
worldwide. Learn more at Coca-Cola Journey at www.coca-colacompany.com
and follow us on Twitter,
The fairlife® brand is owned by fairlife LLC, our joint venture with
Select Milk Producers Inc. Products from fairlife are distributed by our
company and certain of our bottling partners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181206005571/en/
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