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Coca-Cola general counsel, Deval Patrick resigns
Atlanta, Apr 13: Coca-Cola`s general counsel, Deval Patrick, has resigned, marking another high-level management change for the world`s largest soft drink maker as it faces US probes into its business practices.
Atlanta, Apr 13: Coca-Cola’s general counsel, Deval Patrick, has resigned, marking another high-level management change for the world's largest soft drink maker as it faces US probes into its business practices.
Coke Chairman and Chief Executive Douglas Daft announced the departure in a company memo on Sunday, saying the 47-year-old Patrick had steered the legal team "through significant challenges and obstacles" since arriving in 2001.
A Coca-Cola spokesman declined to comment on why Patrick was leaving.
But Credit Suisse First Boston analyst Andrew Conway said in a note: "We believe that the company's board of directors did not fully endorse Patrick's legal strategies and approach regarding the wrongful-termination lawsuit filed against the company by Matthew Whitley."
John Sicher, editor and publisher of Beverage Digest, said that "Coke has had a complicated and not very happy experience on the legal front in the last few years, and this change probably makes sense." The US Securities and Exchange Commission and the Justice Department began investigating Coca-Cola after Whitley last year accused the company of inflating earnings and rigging a marketing test for its Frozen Coke product a few years ago. Coca-Cola admitted workers tried to rig the test and apologized.
Patrick's exit comes as Coca-Cola looks for a successor to Daft, who is retiring at the end of the year. Company spokesman Ben Deutsch declined to comment on the CEO search.
Sicher said Coca-Cola could name Daft's successor as soon as May or June.
The Wall Street Journal, citing people familiar with the matter, reported last week that outsiders under consideration for Coke's top job included Procter & Gamble Co. Vice Chairman R. Kerry Clark, Mattel Inc. Chief Executive Robert Eckert, Kellogg Co. CEO Carlos Gutierrez and Gillette Co. CEO James Kilts.
Coke has previously said Steve Heyer, its president and chief operating office, was an internal candidate.
Gutierrez earlier this month dismissed talk about his being courted as "speculation." Gillette, Procter & Gamble and Mattel declined to comment on Monday on whether their executives were approached by Coke.
In the past year, a number of executives have left Coca-Cola, including Jeff Dunn, a 22-year company veteran who ran North American operations, and Tom Moore, president of the North American soda-fountain business.
Coke said in the memo that Patrick would be available through the end of the year for a transition but did not say when his resignation would be effective. The company also said Geoff Kelly, a 34-year company employee and chief deputy counsel, would serve as interim general counsel.
Bureau Report
Coke Chairman and Chief Executive Douglas Daft announced the departure in a company memo on Sunday, saying the 47-year-old Patrick had steered the legal team "through significant challenges and obstacles" since arriving in 2001.
A Coca-Cola spokesman declined to comment on why Patrick was leaving.
But Credit Suisse First Boston analyst Andrew Conway said in a note: "We believe that the company's board of directors did not fully endorse Patrick's legal strategies and approach regarding the wrongful-termination lawsuit filed against the company by Matthew Whitley."
John Sicher, editor and publisher of Beverage Digest, said that "Coke has had a complicated and not very happy experience on the legal front in the last few years, and this change probably makes sense." The US Securities and Exchange Commission and the Justice Department began investigating Coca-Cola after Whitley last year accused the company of inflating earnings and rigging a marketing test for its Frozen Coke product a few years ago. Coca-Cola admitted workers tried to rig the test and apologized.
Patrick's exit comes as Coca-Cola looks for a successor to Daft, who is retiring at the end of the year. Company spokesman Ben Deutsch declined to comment on the CEO search.
Sicher said Coca-Cola could name Daft's successor as soon as May or June.
The Wall Street Journal, citing people familiar with the matter, reported last week that outsiders under consideration for Coke's top job included Procter & Gamble Co. Vice Chairman R. Kerry Clark, Mattel Inc. Chief Executive Robert Eckert, Kellogg Co. CEO Carlos Gutierrez and Gillette Co. CEO James Kilts.
Coke has previously said Steve Heyer, its president and chief operating office, was an internal candidate.
Gutierrez earlier this month dismissed talk about his being courted as "speculation." Gillette, Procter & Gamble and Mattel declined to comment on Monday on whether their executives were approached by Coke.
In the past year, a number of executives have left Coca-Cola, including Jeff Dunn, a 22-year company veteran who ran North American operations, and Tom Moore, president of the North American soda-fountain business.
Coke said in the memo that Patrick would be available through the end of the year for a transition but did not say when his resignation would be effective. The company also said Geoff Kelly, a 34-year company employee and chief deputy counsel, would serve as interim general counsel.
Bureau Report