The Coca-Cola Company chairman Muhtar Kent has stepped down on Wednesday, with chief executive James Quincey set to take over his position.
Kent joined the company in 1978 and took the seat as the big boss in 2008. Coca-Cola said his more than four decade career began simply on a Coca-Cola delivery truck, and led him worldwide inside the soft drinks company.
“It has been the honour of my life to help lead this business as CEO and board chairman for the past decade. I feel very proud and fortunate to have enjoyed this long, fruitful association with the world’s most-loved brand,” Kent said during the company’s AGM.
“I have a plain and simple message for everyone connected to our business: Our best and brightest days are ahead.”
Former US senator Sam Nunn, who was a former Coca-Cola board member, said Kent has reshaped and reinvigorated the bottling system. He raked in billion-dollar brands and strengthened its reputation in pledging to providing water access for the public and improving women empowerment in the workforce. During Kent’s tenure, the soft drinks maker tapped water neutrality and launched the 5by20 program that empowered five million women entrepreneurs globally.
“Muhtar has led our board with an astute and abiding focus on building the long-term strength of this company and its more than 500 brands. We all know that quarterly results are important for every public company. But Muhtar, to his credit, was also always focused on and committed to leading, shaping and shepherding this business for the long haul,” Nunn said.
Coca-Cola said Kent and his team collaborated with leaders from worldwide bottling plants to build the first system-wide business plan. He also spearheaded re-franchising company-owned bottling operations to partners with the same company vision.
“From the time Muhtar became CEO in 2008 through today, the company returned $91 billion dollars to shareowners – US$55.3 billion dollars in dividends and US$35.7 billion dollars through share repurchases – this during a period of significant currency pressure,” Nunn added.
Kent noted that he was confident when Quincey took over as chief executive in 2017, and that he thought he was the right leader at the right time, with the right instincts, experience and skill-set to lead the business forward.
“He has proven me right at every turn. He is leading our business in new and exciting directions while increasing the pace of portfolio, brand and flavor expansion,” Kent said.
Quincey agreed on Kent’s optimistic outlook for the business, believing Coca-Cola to be well-positioned in a growing industry.
“We’ve been transforming our portfolio and stewarding it with discipline. Together with our bottling partners, we’re executing in an aligned way. Our culture continues to evolve to be even more empowered and growth oriented, and we’re doing so by doing business the right way,” he concluded.
