trying to keep up with increasingly health conscious consumers, named a new finance chief on Thursday among plans for current finance director and corporate veteran Kathy Waller to retire next year.
Ms. Waller, who has been at the center of the Atlanta-based company’s pressure in recent years to expand beyond sweet soft drinks, is scheduled to retire in March.
Ms. Waller started in 1987 as Chief Auditor and agreed to balance cost savings with the company’s commitment to innovate new products under his post as Chief Financial Officer. She rose to the post 2014.
She will be successful by John Murphy, currently President of Coke Asia Pacific Group. Mr Murphy has worked in a number of financial, strategic and operational roles since joining the company in 1
Chief Quince James Quincey said in a statement that Ms Waller left a great legacy as leader, including as a mentor who created a strong organization and put the building blocks in place to continue to transform and modernize our financial function. “
The CFO transition was part of the leadership of the soft drink giant, with Coke appointing new chief and senior technical officials.
Mr. Quincey has aimed at getting the iconic company to cast a cautionary culture, expanding into new categories and getting products to the market faster.
Before Quincey was appointed CEO in May 2017, investors and analysts criticized Coke for focusing too long on sweet drinks. Coke has since been pushing to diversify and launch more than 500 new products and variants last year. The company this year made the biggest brand acquisition in its history and said it would pay $ 5.1 billion to the British coffee retailer Costa.
During the last quarter of the company that ended in June, sales decreased by 8% from the year before $ 8.9 billion, as a result of the sale of its vintage transactions. Coke reported e a $ 2.3 billion profit, compared with $ 1.4 billion a year ago.
-Jennifer Maloney and Micah Maidenberg contributed to this article.
Write to Ezequiel Minaya at [email protected]