Coca-Cola said Thursday it named company veteran James Quincey as president and chief operating officer, creating a new No. 2 position in its chain of command.
Advertisement
Mr. Quincey, 50 years old, has worked at Coca-Cola for 19 years and has been president of the company’s Europe group since 2013.
“Conditions are more favourable in Eastern Europe and Nigeria, where we are confident of further growth”.
The promotion may signal Quincey is in line to succeed the 62-year-old Kent, who became CEO in 2008 after less than two years as COO.
But it has been found that the company has faced tough competition in its key Russian market during the first half. Weakening foreign currencies also weigh on results.
Coca-Cola Co. makes drinks including Sprite, Powerade and Dasani. Innocent is now sold in more than 14 countries and is well on its way to becoming one of the Company’s billion-dollar brands.
Quincey will have responsibility for all of the company’s operating units worldwide, and will report directly to Chairman and Chief Executive Officer Muhtar Kent, the company said.
Mr. Nunn said Mr. Quincey “will complement Muhtar’s skills and qualities, making them a formidable team as they work to advance the Company’s growth agenda”. Both have been viewed recently as possible internal successor candidates.
Among Quincey’s many accomplishments during this time was his leadership of the acquisition of innocent juice in 2009.
Cahillane left in 2013 in another reorganization. As Coke’s global business struggled, Mr. Bozer was no longer was viewed as a strong succession candidate.
“During his more than two decades at Coca-Cola, Ahmet has made numerous contributions to our system”, Mr. Kent said.
Advertisement
In a call with reporters, Kent said it would be “inappropriate to speculate on CEO succession”.
