The Board of Directors of the Coca-Cola Company Declares Quarterly Dividend; Elects Two Officers
The Board of Directors of The Coca-Cola Company today declared a regular quarterly dividend of 38 cents per common share. The dividend is payable October 1, 2008, to shareowners of record as of September 15, 2008.
The Board also elected Alex Cummings executive vice president and David Taggart senior vice president of the Company. Mr. Taggart's election is effective immediately; Mr. Cummings' election is effective October 15, 2008, upon his relocation to the U.S.
Mr. Cummings is the Company's chief administrative officer, responsible for oversight of key corporate functions that support business operations including, Legal, Public Affairs and Communications, Human Resources, Global Community Connections, Strategic Planning, Information Technology, Product Integrity, Research & Innovation and Science.
Prior to this newly created role, Mr. Cummings served as president of the Africa Group for seven years. He joined The Coca-Cola Company in 1997 as region manager, Nigeria and, in 2000, was named president of the Company's North & West Africa Division. Prior to joining the Company, Mr. Cummings held several positions with The Pillsbury Company in the U.S., including vice president of finance for Pillsbury International.
Mr. Cummings has a bachelor's degree in finance and economics from Northern Illinois University and a master's degree in finance from Atlanta University. He is chairman of The Coca-Cola Africa Foundation and serves on the Boards of the African-America Institute, Africare and Clark Atlanta University.
As treasurer, Mr. Taggart oversees the Company's global treasury operations, including management of its foreign currency, commodity, interest rate hedging and risk programs. He has more than 28 years' experience with the Company. Mr. Taggart was elected assistant treasurer in 1985. In 1990, he was named president of The Coca-Cola Trading Company and established global procurement for the Company. He was elected vice president and treasurer in 1993.
Mr. Taggart has a bachelor's degree from Princeton University and a master's degree in general management from Harvard Business School. He serves on the Board of Directors of the Atlanta Downtown Improvement District, Inc.
The Coca-Cola Company is the world's largest beverage company, refreshing consumers with more than 450 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 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 1.5 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.
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Source: The Coca-Cola Company
Released July 17, 2008