Coca-Cola CEO Muhtar Kent is stepping down next year and will be succeeded by COO James Quincey. 51-year-old Quincey is being charged with the job of shifting the company towards less sugary beverages.
Quincey will take up the post of CEO on May 1, 2017, the company said in a statement on Friday. Kent, who turns 65 next year, will remain chairman of Coca-Cola.
According to a Bloomberg Report: The move will put the London-born Quincey in charge of the world’s largest soft-drink company at a time when it’s adapting to shifting tastes.
Many consumers in the US and other developed countries are shying away from sugar and artificial ingredients, putting pressure on Coca-Cola to diversify its lineup. During his two decades at the Atlanta-based company, Quincey helped introduce smaller package sizes and other initiatives to cut the calories of its beverages.
Bloomberg says: Coca-Cola also is offloading more of its bottling operations around the world. And it embarked on an effort to cut costs by $3 billion under Kent. When the transformation is complete, Coca-Cola will primarily be a seller of concentrates and syrups to other companies, which manufacture, package and distribute the drinks.