Mavi Boncuk |The Coca-Cola Company announced Friday that the board of directors has approved a plan that will see Kent[1] step down from his role as CEO on May 1, 2017. He will hand his title to James Quincey, who currently serves as the company's president and chief operating officer.
Kent will retain his title as chairman of the board.
“It has been the most wonderful and unique privilege to serve as chairman and CEO of our great company over the past eight years,” Kent said in a statement Friday morning. He went on to say that managing the company requires a "thoughtful and orderly" succession plan, and Friday's announcement not only ensures that orderly process but puts in place someone who is prepared to lead the $180 billion beverage giant.
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“Having worked closely with James during the past 10 years of his 20-year career with our company, I know that his vast industry knowledge, expertise with our brands, values and system, coupled with an acute understanding of evolving consumer tastes, make him the ideal candidate to effectively lead our company and bottling system. James has the strategic vision and inspirational leadership to usher in the next phase of growth for our great business," Kent said.
Kent first joined Coca-Cola in 1978; by 1985, he was the general manager of Coca-Cola Turkey and Central Asia. He left Coke in 1999 for a six-year run as president and CEO of the Turkey-based Efes Beverage Group, but returned to Coke in 2005 as president and COO of its North Asia, Eurasia and Middle East group. He became Coke CEO in April of 2009.
[1] Ahmet Muhtar Kent (born 1952) is a Turkish-American business executive. He is the chairman and chief executive officer of The Coca-Cola Company. He was appointed to the position of chief executive officer of the company in 2008 and became chairman of the board in 2009.
Muhtar Kent was born in 1952 in New York City, where his father, Necdet Kent, was the consul-general of Turkey. After completing high school at Tarsus American College[5] in Mersin, Turkey in 1971, Muhtar Kent went to the United Kingdom to study at the University of Hull. Subsequently, he earned his MBA degree at Cass Business School, London.
Muhtar Kent is active in the global business community and currently is co-chair of the Consumer Goods Forum, a fellow of the Foreign Policy Association, a member of the Business Roundtable, a past Chairman of the U.S.-China Business Council and current chairman emeritus of the US-ASEAN Business Council. He also was recently appointed as a member of the Eminent Persons Group for ASEAN by President Obama and Secretary of State Clinton. He serves on the boards of Special Olympics International, Ronald McDonald House Charities, Catalyst and Emory University.He received an honorary degree in Doctor of Laws from Oglethorpe University in 2008.
He currently serves on the board of directors of The American Turkish Society[13] and the National Committee on United States-China Relations.
He is also an invitee of the Bilderberg Group and attended the Greece 2009 Bilderberg conference at the Astir Palace resort in Vouliagmeni, Greece.
On May 3, 2014, Muhtar Kent was awarded an honorary degree by the Georgia Institute of Technology during the morning graduation ceremony (at which he gave the commencement address)
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