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Coca-Cola CEO to retire
Atlanta, Feb 20: Coca-Cola chief executive Doug Daft, who has been dogged by government probes, disappointing sales and an anemic stock price, will retire at the end of 2004, the world`s largest soft drink maker said on Thursday.
Atlanta, Feb 20: Coca-Cola chief executive Doug Daft, who has been dogged by government probes, disappointing sales and an anemic stock price, will retire at the end of 2004, the world's largest soft drink maker said on Thursday.
Coca-Cola said Steve Heyer, its president and chief operating officer who took control of operations in the huge North American market in December, would be a strong internal candidate to take over as chairman and chief executive.
The company, however, will consider outside candidates. The Atlanta-based soft drink maker's sluggish performance in North America, its largest and most important market, was one of the key burdens that taxed Daft's tenure as CEO and kept a lid on the stock price he had been hired to revive. Daft, 60, was also roundly criticised for embarking on an ill-fated juice-and-food joint venture with consumer products giant Procter & Gamble, an idea that was eventually shelved by the soft drink maker. The Atlanta-based soft drink maker's sluggish performance in North America , its largest and most important market, was one of the key burdens that taxed Daft's tenure as CEO and kept a lid on the stock price he had been hired to revive. Daft, 60, was also roundly criticised for embarking on an ill-fated juice-and-food joint venture with consumer products giant Procter & Gamble, an idea that was eventually shelved by the soft drink maker. "It's been the same old boring Coke for quite a while. They need to shake it up a bit and see if they still have the fizz," said Parrish, who does not own any Coca-Cola shares. Coca-Cola officials expressed confidence in the 50-year-old Heyer, who "has made a lot of important contributions to this company," Coke board member Jimmy Williams said in a conference call. "We feel good about him." Williams said the impending departure of Daft, an Australian with more than 30 years at the company, was unrelated to federal probes into allegations that Coca-Cola improperly inflated earnings and engaged in other corporate wrongdoing. The Securities and Exchange Commission and the US Justice Department began investigating the soft drink maker last year after a former Coke employee accused the company of widespread fraud in lawsuits against the company. In a statement released by the company, Daft said his unexpected retirement was consistent with his own wishes. Another Coke board member said Daft had told senior company officials of his desire to retire at the end of this year. The changing of the guard comes four years after Coca-Cola ushered Daft into the top job with much fanfare following the resignation of former chairman and chief executive Douglas Ivester. Bureau Report
The company, however, will consider outside candidates. The Atlanta-based soft drink maker's sluggish performance in North America, its largest and most important market, was one of the key burdens that taxed Daft's tenure as CEO and kept a lid on the stock price he had been hired to revive. Daft, 60, was also roundly criticised for embarking on an ill-fated juice-and-food joint venture with consumer products giant Procter & Gamble, an idea that was eventually shelved by the soft drink maker. The Atlanta-based soft drink maker's sluggish performance in North America , its largest and most important market, was one of the key burdens that taxed Daft's tenure as CEO and kept a lid on the stock price he had been hired to revive. Daft, 60, was also roundly criticised for embarking on an ill-fated juice-and-food joint venture with consumer products giant Procter & Gamble, an idea that was eventually shelved by the soft drink maker. "It's been the same old boring Coke for quite a while. They need to shake it up a bit and see if they still have the fizz," said Parrish, who does not own any Coca-Cola shares. Coca-Cola officials expressed confidence in the 50-year-old Heyer, who "has made a lot of important contributions to this company," Coke board member Jimmy Williams said in a conference call. "We feel good about him." Williams said the impending departure of Daft, an Australian with more than 30 years at the company, was unrelated to federal probes into allegations that Coca-Cola improperly inflated earnings and engaged in other corporate wrongdoing. The Securities and Exchange Commission and the US Justice Department began investigating the soft drink maker last year after a former Coke employee accused the company of widespread fraud in lawsuits against the company. In a statement released by the company, Daft said his unexpected retirement was consistent with his own wishes. Another Coke board member said Daft had told senior company officials of his desire to retire at the end of this year. The changing of the guard comes four years after Coca-Cola ushered Daft into the top job with much fanfare following the resignation of former chairman and chief executive Douglas Ivester. Bureau Report