A pair of major openings on the Coca-Cola board have been filled.
James Quincey, who currently serves as president and CEO, was elected Thursday as the company’s 14th chairman, succeeding Muhtar Kent, who plans to retire in April.
The company also announced Thursday 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. The board elected Maria Elena “Mel” Lagomasino, a Coke board since 2008, as Nunn’s successor as lead independent director.
Quincey will officially 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 the company’s president and COO 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.
“One of the most important jobs of a chairman is to ensure that a strong leadership succession plan is in place,” Kent said in a news release. “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.”
Nunn is a former U.S. senator who represented the state of Georgia from 1972 to 1996. He served as a The Coca-Cola Co. (NYSE: KO) 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.
Nunn’s career includes serving as co-chairman and former CEO of the Nuclear Threat Initiative. He was also a director of Chevron Corp. (NYSE: CVX), Dell Inc. (NYSE: DVMT), General Electric Co. (NYSE: GE) and Scientific Atlanta.
Lagomasino is CEO and managing partner of WE Family Offices, a global family office serving high-net-worth families. She serves on the board of The Walt Disney Co. (NYSE: DIS) and previously was a director of Avon Products Inc.
The new roles for Quincey and Lagomasino are contingent on their reelections as directors at the 2019 annual meeting.
The moves are part of a larger leadership shakeup for the Atlanta-based beverage giant that are expected to start next year. That includes John Murphy, currently president of the company’s Asia Pacific group, becoming senior vice president and deputy CFO on Jan. 1. He will be elevated to executive vice president and CFO on March 16, following the retirement of Kathy Waller, who is leaving after 32 years with the company.
Source:: Daily times