The CEO of the Coca Cola Company Muhtar Kent, as stated on Friday, will now be replaced with James Quincey, a British-born veteran who has been praised and acclaimed for his strategies in reducing the amount of sugar within the beverages.
It came to no surprise that Mr. Quincey would be the next one to lead the way, as he has operated with Coca Cola enterprises for almost 20 years throughout Mexico and Europe.
Mr. Quincey’s ambitions for the future of the Coke Company included having smaller bottles to be released to the market, claiming it would enhance the company’s profit, and most importantly, he would decrease the sugar amounts and calories within the beverages.
Quincey added that improvements within the beverages, specifically for the decreased sugar objective, the sparkling beverages, and an introduction into creating other kinds of beverages as well will move forward hopefully within the near future.
Soda beverages has been pointed at by the government for being responsible for the increasing rates of obesity amongst the citizens, as 70% of their sales and profit come strictly from their sugary beverages. As a result, the Coca Cola Company’s profits dropped in the last three years due to a wilting demand for those very same sugar concentrated beverages.
Coke still gets about 70% of its volume sales from sodas, and its sales have fallen in the past three years on sagging demand for sugary drinks, which health experts and governments have blamed for rising obesity levels.
Mr. Quincey has greatly contributed to the revenue of Coke, as he restructured the company’s bottling tasks and integrated European Coca Cola companies, who as of now give them their largest income.
“I know James and like him, and believe the company has made a smart investment in its future with his selection,” said Warren Buffett renowned billionaire and CEO of Berkshire Hathaway, which serve as Coca Cola’s biggest investor.