Coca-Cola Shuffles Executives; CEO Names a No. 2

By Micah Maidenberg 

Coca-Cola Co. boss James Quincey shuffled his management team, promoting a company veteran into the vacant No. 2 role and disclosing the retirement of the company's finance chief.

The Atlanta-based company said Thursday that Brian Smith will become chief operating officer and president on Jan. 1. Mr. Smith, a 21-year Coca-Cola employee, currently serves as president of the company's Europe, Middle East and Africa unit.

The company said Mr. Smith, 62 years old, will oversee global operations and the promotion will allow Mr. Quincey, who took over as chief executive and president in May 2017, to focus on big-picture issues.

Mr. Quincey hadn't named a No. 2 executive since taking over leadership from Muhtar Kent, who remains Coke's chairman. Under Mr. Quincey, 53, the company has been further diversifying away from its soda roots, mostly notably with a $5.1 billion deal to acquire the Costa Coffee chain, a competitor to Starbucks Corp.

Mr. Smith joined Coca-Cola in 1997 and served as the head of the Brazil and Mexico divisions. He was president of the Latin America business for three years before being selected in 2016 for his current position running the Europe business.

Coke said its finance chief, Kathy Waller, will retire next year after spending more than three decades with the company. Ms. Waller, 60, took over as chief financial officer in 2014. John Murphy, Coke's president for its Asia Pacific group, will succeed her, starting in March.

Meanwhile, the company said Nancy Quan will become chief technical officer next January. She succeeds Ed Hays, who is retiring from the company. Ms. Quan currently serves as chief technical officer for Coca-Cola in North America.

Shares of Coke were off slightly at $45.68 at midday. The stock has been flat this year.

(END) Dow Jones Newswires

October 18, 2018 12:51 ET (16:51 GMT)

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