Coca-Cola Co. shook up its management on May 24, 2016 replacing the heads of its Asia and Africa businesses, in the first major move by President and Chief Operating Officer James Quincey to put his stamp on the beverage giant.
Mr. Quincey, who now looks more likely than ever to succeed Coke Chief Executive Muhtar Kent, also is realigning the international structure.
The company is creating a consolidated Europe, Middle East and Africa group in the latest attempt to boost profit and revenue amid sluggish soda sales.
Coca-Cola reported that revenue and profit declined in its latest quarter as soda volume was flat amid weakness abroad.
Shares, up 13% over the past three months, fell 1.8% premarket to $45.77, although results edged in just above Wall Street's expectations.
Company rushes to sell off manufacturing, distribution in order to focus on concentrate
Coca-Cola Co. has changed course yet again on a basic part of its business model: how to control manufacturing and distribution without having to own them. And this might be its last chance to get it right.
On Wednesday, Feb 5 Coca-Cola announced its plan to purchase 10 percent of Green Mountain Coffee Roasters for $1.25 billion. Green Mountain is famous for its single-serving coffee makers and coffee products, but the company has also been working on a machine for cold drinks. The sale is part of an agreement that will bring the soda maker’s famous brands to the quickly-growing at-home market.