- Signs for push-out forces
- After almost nine years on the job
- Laud, praise and thanks for Kent
- James Quincey takes over
- Kent will remain as Chairman at Coca-Cola
(management-change.com) — Atlanta, Georgia, December 09, 2016 — Muhtar Kent, chief executive of Coca-Cola, leaves. His departure is made public at an early stage. As announced by The Coca-Cola Company in a news release and in a regulatory filing published on Friday, December 09, 2016, Muhtar Kent leaves the post as Chief Executive Officer at the beverages company after almost nine years on the job, effective May 01, 2017.
Kent’s duties are taken over by James Robert B. Quincey, currently Chief Operating Officer at The Coca-Cola Company.
“Evolution of the company’s senior leadership structure”
The management change is explained as follows. Coca-Cola said: “The Coca-Cola Company today announced that its Board of Directors has approved unanimously the recommendation of Chairman and Chief Executive Officer Muhtar Kent for an evolution of the company’s senior leadership structure”.
Kent will remain as Chairman at Coca-Cola
Kent will continue as Chairman of the Board of Directors.
Share price decline
The change follows a decline in the share price of The Coca-Cola Company since April 2016.
Berkshire Hathaway holds 9.27 percent stake
Berkshire Hathaway, Inc reported a 9.27 percent stake in The Coca-Cola Company as of September 30, 2016. Berkshire Hathaway is a multinational conglomerate holding company. The company is known for its control and leadership by Warren Buffett.
On the job as CEO since 2008
Kent has been the Chairman of the Board at The Coca-Cola Company since April 23, 2009 and its Chief Executive Officer since July 1, 2008.
Previously he was President and Chief Executive Officer and earlier, President and Chief Operating Officer.
Kent joined The Coca-Cola Company in Atlanta in 1978, holding a variety of marketing and operations leadership positions over the course of his career. In 1985, he became General Manager of Coca-Cola Turkey and Central Asia.
Beginning in 1989, he served as President of the Company’s East Central Europe Division and Senior Vice President of Coca-Cola International, with responsibility for 23 countries.
In 1995, Kent was named Managing Director of Coca-Cola Amatil-Europe, covering bottling operations in 12 countries.
In 1999, he became President and CEO of the Efes Beverage Group, a diversified beverage company with Coca-Cola and beer operations across Southeast Europe, Turkey and Central Asia.
Kent returned to The Coca-Cola Company in 2005 as President and Chief Operating Officer of the Company’s North Asia, Eurasia and Middle East Group, an organization serving a broad and diverse region that included China, Japan and Russia. Less than a year later, he became President of Coca-Cola International, leading all of the Company’s operations outside North America.
Kent holds a Bachelor of Science degree in Economics from the University of Hull in England and a Master of Science degree in Administrative Sciences from Cass Business School, City University London.
Active in the global business community, Kent is a fellow of the Foreign Policy Association, a board member of the National Committee on US-China Relations, a member of the board and past Co-Chair of The Consumer Goods Forum, immediate past Chairman of the International Business Council of the World Economic Forum, a board member and past Chairman of the U.S.-China Business Council and Chairman Emeritus of the U.S. ASEAN Business Council.
He serves on the boards of 3M, Special Olympics International, Ronald McDonald House Charities, Catalyst, Cambridge China Development Trust and Emory University.
Signs for push-out forces
It is not completely certain what forces eventually triggered Muhtar Kent’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 46.2016 ($).