Coca-Cola CEO to left his post in May

Coca-Cola CEO to left his post in MayCoca-Cola on Friday announced its CEO Muhtar Kent is stepping down from his post after about nine years at the helm.

He will be replaced by Chief Operating Officer James Qunicy effective May 1.

Kent will continue as chairman, the company said.

“Managing The Coca-Cola Company to ensure our long-term growth requires a thoughtful and orderly succession planning process,” said Kent.

“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,” he added.

Qunicy’s appointment as CEO was given a vote of confidence by Warren Buffett, CEO of Berkshire Hathaway Inc, which is Coca Cola's largest shareholder.

"I know James and like him, and believe the company has made a smart investment in its future with his selection,"
Buffett said in a statement.

The move comes at a time when Coca-Cola is building its non-carbonated drinks portfolio, cutting costs by selling its bottling operations and stepping up efforts to reduce sugar in its beverages to counter slowing sales.
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