The Coca-Cola Company has appointed James Quincey, the president and chief operating officer, as the group's new chief executive officer starting from May next year.

A company veteran, Quincey will be replacing chairman and CEO Muhtar Kent under the company's senior leadership succession plan. Kent will continue as chairman of the board of directors.

Coca-Cola said Quincey will be nominated to stand for election as a director at the 2017 Annual Shareowners Meeting in April.

Announcing the board's unanimous decision, Kent said: "Managing the company to ensure our long-term growth requires a thoughtful and orderly succession planning process. I have been engaged with our management development committee and the full board on talent development and succession discussions throughout my tenure as CEO."

"We are certain that Quincey is prepared for these new responsibilities and is the absolute right choice to lead our company and system into the future," he noted.

“One of our board’s key priorities is developing the next generation of leaders and Quincey is a perfect example of our talent pipeline in action,” remarked Kent.

"Having worked closely with him during the past 10 years of his 20-year career with our company, I know that his vast industry knowledge, expertise with our brands, values and system, coupled with an acute understanding of evolving consumer tastes, make him the ideal candidate to effectively lead our company and bottling system," he added.

James has the strategic vision and inspirational leadership to usher in the next phase of growth for Coca-Cola's business, said the company statement.

This transition comes at a time of important evolution for the company.

"Our journey to refocus on our core business model of building strong global brands, enhancing sustainable customer value and leading a strong, dedicated franchise system is well under way. During Quincey's tenure as president and COO, he has further demonstrated his deep understanding of the dynamics of our business and what it takes to win in the marketplace," he added.

Lauding Kent's outstanding leadership and dedication, Sam Nunn, the independent lead director of The Coca-Cola Company’s board, said: “He has been a true visionary who led the company through sustained growth and set the stage for the tremendous opportunity that lies ahead. Kent has consistently put the next decade in front of the next quarter and laid a solid foundation for his successor and the shareowners."

"Among his many achievements, Kent has built a world-class leadership team and we are fortunate to have a leader with Quincey’s capabilities as our next CEO," he added.

Nunn described Quincey as a proven leader who was passionate about developing people, building strong teams and creating winning cultures everywhere he has been.

"He has the ideal combination of skills, ability and experience and we believe that there is no person more capable of leading The Coca-Cola Company," stated the official.

Warren Buffett, the chairman and chief executive of Berkshire Hathaway, said: "Kent has been an excellent steward of Coca-Cola’s business over the last eight years and I am thankful for the leadership he has provided to put in place the right vision, strategy and thoughtful succession plan for long-term success."

"I know Quincey and like him, and believe the company has made a smart investment in its future with his selection," he observed.

Quincey, 51, earlier this year, put in place a new international operating structure and leadership team to make the company more efficient and effective at the local levels, helping its operating units become faster and more agile.

On his new role, Quincey said: "I am truly honoured and humbled to lead this great company into the future. Kent has been a catalyst for change at The Coca-Cola Company - driving the transformation of our global bottling system, expanding our product portfolio and making sustainability a business imperative."

"I am committed to continuing my strong partnership with Kent, our talented management team and associates, and our valued bottling partners to continue this momentum and capture the enormous opportunities in front of us," he added.-TradeArabia News Service