COKE CEO'S RETIREMENT A SURPRISE.Byline: Justin Bachman Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Coca-Cola's chairman and chief executive is stepping down in April after only 2-1/2 years in the top jobs in a move that surprised many who felt the world's biggest soft drink company has weathered the worst of its recent financial troubles. M. Douglas Ivester Douglas Ivester (1947-) was appointed as Chief Executive Officer of Coca-Cola Company after the death of Mr. Roberto Goizueta. He retired in February 17, 2000. Malcom Douglas Ivester was born in New Holland, Georgia. , 52, said Monday he will retire after Coke's mid-April shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . The Coca-Cola board designated longtime Coke executive Douglas N. Daft, 56, as Ivester's replacement. Investors reacted negatively to the announcement, driving Coke's share price down $4.375 to $63.9375 a share on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Coca-Cola has been struggling to overcome a contamination scare in Europe, a race discrimination lawsuit and sagging sag v. sagged, sag·ging, sags v.intr. 1. To sink, droop, or settle from pressure or weight. 2. stock prices. But some analysts said there was no indication Ivester was forced out. ``In spite of the fact that they've probably had the most difficult year in decades, there was really no finger-pointing that I had ever heard toward Ivester,'' said Gary Hemphill of Beverage Marketing Corp. The timing of Ivester's announcement puzzled analysts, who generally consider Coke on a rebound. ``After having a part in the downside, I would have expected him to stay around for the upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside ,'' said J.P. Morgan analyst John Faucher. ``It just doesn't make a whole lot of sense for him to leave right now,'' Faucher added. In a letter to Coke's 29,000 employees, Ivester said he decided to retire after ``much soul-searching.'' CAPTION(S): photo PHOTO (color) M. Douglas Ivester |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion