†Neville Isdell, chairman of The Coca-Cola Company board, is stepping down from his role in April. The global drinks company’s president and chief executive Muhtar Kent is expected to succeed him.
Isdell has confirmed that he is not planning to stand for re-election to the board of directors in April during the annual meeting of shareowners.
The presiding director of Coke, James D Robinson III, says the board is intending to elect Kent to succeed Isdell during the AGM.
Kent replaced Isdell as chief executive in July, although he stayed on as chairman. Isdell came out of retirement in 2004 to take on the position following the departure of Douglas Daft.
Isdell says: “I have always believed that well-conceived and well-executed succession planning is a vital responsibility of public company boards.
“We met that responsibility when we announced one year ago just such a plan, including placing the future leadership of the company in the experienced and talented hands of Muhtar Kent, who is providing outstanding leadership as he manages both for today and tomorrow.”
Coke is the world’s largest drinks company with a portfolio of brands including its flagship Coca-Cola brand, Diet Coke, Fanta, Sprite, Coca-Cola Zero and Powerade.