Coca-Cola CEO Kent to step down in May
- 8 years ago
Coca-Cola announced Friday that Muhtar Kent is stepping down as chief executive officer, and President and COO James Quincey will succeed him, effective May 1. Kent, who has been CEO for eight years, will continue as chairman of the board of directors. Since Kent took over as CEO in July 2008, Coke's sales have increased by about 39 percent, while the company's shares have surged 61 percent. However, Coke's sales have fallen in the last three years as the company battled falling demand for sugary carbonated drinks and pressure from health experts and governments blaming sugary drinks for rising obesity levels.