Two Coca-Cola Directors to Retire Amid Board Renovation

By Tess Stynes 

Coca-Cola Co. said two longtime directors plan to retire, rather than seek re-election at the company's annual shareholder meeting in April, as part of a broader changing of the guard on the beverage giant's board.

The Atlanta-based company said the latest board members set to to retire are James D. Robinson III, 79 years old, and Peter V. Ueberroth, 77.

Coke Chairman and Chief Executive Muhtar Kent said the company was deeply indebted to Messrs. Robinson and Ueberroth, " for their 40 and 29 years, respectively, of tireless dedication" to the company.

Mr. Robinson has served on Coke's board since 1975 and served as CEO of American Express Co. (AXP) from 1994 to 1997. He also served as nonexecutive chairman of Bristol-Myers Squibb Co.'s (BMY) board from 2005 to 2008.

Mr. Ueberroth has been a Coke director since 1986. Coke said Mr. Ueberroth is most well known for his role as head of the Organizing Committee for the 1984 Summer Olympic Games in Los Angeles, for which he was named TIME Magazine's Person of the Year. He also was the commissioner of Major League Baseball from 1984 to 1989, then later as the co-owner of Pebble Beach golf course.

The board's transformation began in early 2013, when veteran Coke directors Donald Keough and James Williams retired.

During December, Coke announced plans to add Marc Bolland and David Weinberg, the chief executives of Marks Spencer Group and Judd Enterprises Inc., respectively, as directors--part of its push to refresh its aging board, which will stand at 15 members after Messrs. Robinson and Ueberroth retire.

In addition to Mr. Bolland and Mr. Weinberg, other younger voices have joined in recent years. Robert Kotick, the 51-year-old CEO of entertainment company Activision Blizzard Inc. joined in 2012. Evan Greenberg, the 59-year-old CEO of insurer ACE Ltd., has been a director since 2011.

Coke's board transition comes amid pressure from shareholders at the world's largest beverage company, which failed to meet revenue growth targets.

Coke recently reported that its fourth-quarter profit plunged 55%, pulled down by weakening foreign currencies and one-time charges. The company also warned that 2015 will be another challenging year.

Write to Tess Stynes at [e-mail]

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