ATLANTA -- The Coca-Cola Co. has announced that its board has approved the recommendation of chairman and CEO Neville Isdell for an evolution of the company's leadership structure. Under the new structure, president and COO Muhtar Kent will succeed Isdell as CEO as of July 1, 2008.
Isdell will remain chairman until the company's annual meeting of shareowners in April 2009.
"The Coca-Cola Co. is an enterprise of sustained, long-term growth. Diligent, detailed succession planning is a vital part of that growth plan. This next management [image-nocss] step, which draws on the successful partnership between Muhtar and me, ensures that we will continue to grow and enhance Coca-Cola's business around the world," said Isdell. "I have been engaged with the Management Development Committee and the full board in succession discussions and planning since my return in June 2004. We are very certain that Muhtar is prepared for this next transition in management responsibilities and is the absolute right person to take our company to the next level of performance."
He added, "Having worked closely with Muhtar for nearly 20 years, I know that his combination of industry knowledge, passion for operational excellence, strategic vision and high level of interpersonal skills is the ideal blend to take our company forward. Muhtar is an outstanding example of the deep, talented group of individuals who populate our global system. With the organization stabilized and sustainable growth clearly evident, I expect Muhtar to be outstanding as the leader of the committed team that developed and is now executing our Manifestoour 10-year strategic growth plan."
James D. Robinson III, chairman of the Committee on Directors & Corporate Governance, said: "[The] announcement signals a seamless transition from the remarkable leadership provided by Neville Isdell to an exceptional future under Muhtar's highly professional guidance and direction. In addition, the company will have the benefit of Neville's continued participation as chairman until the 2009 shareowners meeting."
Kent returned to Coca-Cola in May 2005 as president of the North Asia, Eurasia and Middle East Group. He was named president of Coca-Cola International in January 2006 and appointed president and COO of the Company in December 2006. As COO, he has overseen a number of significant initiatives, including the acquisition of glac aau earlier this year, while year-to-date the company has delivered strong volume and double-digit earnings growth.
He first joined Coca-Cola in 1978 and held a variety of marketing and operational roles leading to his appointment as president of the East Central European Division in 1989. Kent held this position until 1995, overseeing 23 countries where, working closely with Isdell, he supervised the relaunch of Coca-Cola throughout East Central Europe.
From 1995 to 1998, Kent was managing director of Coca-Cola Amatil Europe with bottling operations in 12 countries. From 1999 until his return to the company, Kent served as president and CEO of the Efes Beverage Group, one of Europe's largest international beverage businesses, and managing partner of Coca-Cola Icecek, a public Coca-Cola bottling company with franchises in Turkey and surrounding countries.
Kent, who continues as president of the company, will add the CEO position on July 1, 2008. Isdell will continue in the dual capacity of chairman and CEO until that date and remain chairman until April 2009.
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