Coca-Cola says CEO Muhtar Kent to step down in May

Coca-Cola Co understood Muhtar Kent will step aside as chief executive on May 1 gone on the subject of nine years by the rudder, and be replaced by Chief Operating Officer James Quincey.

Kent, 64, will remain as chairman, the company understood.

Quincey, 51, united Coca-Cola in 1996 and became chief operating official in majestic 2015.

His appointment as president was certain a cast your vote of confidence by den Buffett, president of Berkshire Hathaway Inc, which is Coca Cola’s leading shareholder.

“I know James and like him, and believe the company has made a smart investment in its yet to come with his selection,” Buffett understood in a statement.

The move comes by a while as Coca-Cola is building its non-carbonated drinks portfolio, keen expenditure by promotion its bottling operations and stepping up pains to reduce honey in its beverages to counter slowing sales.

Coca-Cola still gets on the subject of 70 percent of its volume sales from fizzy drinks.

The company’s shares were up 1.4 percent by $41.55 in premarket trading.

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