Muhtar Kent to Step Down As Coca-Cola CEO in 2017

Chairman and chief executive officer of the Coca-Cola Company Muhrar Kent will step down from his role as CEO on May 1, 2017, with current company president and chief operating officer James Quincy named as his replacement, the Atlanta headquartered international company announced Friday. Kent will remain with the company as chairman of its board.

“Managing the Coca-Cola Company to ensure our long-term growth requires a thoughtful and orderly succession planning process,” said Kent in a statement. “I have been engaged with our Management Development Committee and the full board on talent development and succession discussions throughout my tenure as CEO. We are certain that James Quincey is prepared for these new responsibilities and is the absolute right choice to lead our company and system into the future.”

The Wall Street Journal noted in a report on the announcement that the power turnover is occurring at a time when consumer preferences are driving changes across the soft drink industry – from sugar reductions to concerns about serving sizes.

Quincey has worked for Coke for two decades, including leading the company’s operations in Mexico and Europe.

The incoming CEO told the Journal that he plans to continue divesting from the company’s remaining bottling and distribution assets through 2017, but brushed aside the notion that the company would move into non-beverage products.

Quincey “will push toward healthy,” Jack Russo, an Edward Jones analyst, told Bloomberg, adding that the incoming CEO will likely “get the core company focused on doing what it needs to do, and that’s new products, innovation – maybe better marketing.”

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