The Coca-Cola Company Announces Next Step in Creation of Coca-Cola Refreshments
Steve Cahillane to Lead Coca-Cola Refreshments, Inc. upon Completion of Company's Acquisition of Coca-Cola Enterprises North America
ATLANTA--(BUSINESS WIRE)-- The Coca-Cola Company today announced its intention to name Steve Cahillane, currently president of the North American Business Unit for Coca-Cola Enterprises (CCE), as president and chief executive officer of Coca-Cola Refreshments, Inc. (CCR), once the Company's acquisition of CCE North America has been successfully completed. The Coca-Cola Company and CCE recently announced that they entered into definitive agreements enabling the Company to acquire CCE's North American bottling business, and for CCE to acquire the Company's bottling operations in Norway and Sweden. Additionally, CCE will have the right to acquire The Coca-Cola Company's majority interest in its German bottler.
Mr. Cahillane will lead Coca-Cola Refreshments, Inc., which will integrate four business components into a 21st century bottling and customer service operation in both the U.S. and Canada. The four components are: (1) CCE North America; (2) CCNA Foodservice; (3) the Minute-Maid/Odwalla Juice business; and (4) CCNA Supply Chain Operations.
The closing of the transactions is expected to occur in the fourth quarter of this year and is subject to, among other things, regulatory and CCE shareholder approvals.
"I have every confidence that Steve has the right experience, capability and leadership qualities to fully leverage the opportunity offered by Coca-Cola Refreshments," said The Coca-Cola Company Chairman and CEO Muhtar Kent. "Under his leadership, it is our intention for CCR to serve every one of our North American customers with greater passion, speed and flexibility so we can continue to gain profitable share. Additionally, we will generate $350 million in synergies and create sustainable growth in the dynamic U.S. beverage market."
While Mr. Cahillane will not assume his new role until the successful completion of the transaction, he will work closely with the recently announced North America Business Integration (NABI) team, led by Brian Kelley, in developing a comprehensive plan that can be implemented immediately once the acquisition is approved and closed.
Mr. Cahillane has more than 20 years of successful international beverage sales, marketing and distribution experience. He joined CCE in 2007 after serving in leadership roles at several other leading beverage companies.
Sandy Douglas will continue as president of Coca-Cola North America (CCNA), and both executives will report to Mr. Kent. Mr. Douglas will also serve on the integration steering committee and provide franchise leadership for the North American business and ensure world class consumer marketing for the Company's flagship operation. He has been president of Coca-Cola North America since 2006.
"Under Sandy's leadership, North America has remained focused on strengthening brands and customer relationships, continuing to gain volume and value share in the non-alcoholic ready-to-drink beverage segment in a challenging environment. I am confident that under Steve's and Sandy's leadership, Coca-Cola Refreshments and Coca-Cola North America will be powerful forces in achieving our 2020 Vision, ushering in a new era of winning for our Coca-Cola system," said Mr. Kent.
The Coca-Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Along with Coca-Cola, recognized as the world's most valuable brand, the Company's portfolio includes 12 other billion dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply and Georgia Coffee. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of 1.6 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate. For more information about our Company, please visit our website at www.thecoca-colacompany.com.
For more information about The Coca-Cola Company-Coca-Cola Enterprises transaction, please access our transaction specific website at www.KOsystemevolution.com.
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Source: The Coca-Cola Company
Released April 20, 2010