Coca-Cola's board of directors formally elected
Douglas Daft as the company's new chairman and chief executive
today, hastening the departure of former chief M. Douglas Ivester,
who had already ceded control of the soft drink giant.
The board also elected Jack L. Stahl president.
In a statement released by the company, Ivester said he would
retire immediately because the transition to Daft's tenure had been
completed.
"The board of directors had asked me to stay on through April
to ensure a smooth transition," Ivester said. "That transition is
complete, and I am very confident that the Coca-Cola Co. is in very
good hands under the leadership of Doug Daft and Jack Stahl."
On Dec. 5, the 52-year-old Ivester announced plans to retire
after Coke's annual shareholders meeting April 19. Daft was named
his successor shortly thereafter.
But in recent weeks, Daft has made several management moves,
making it clear that he was firmly in charge of the world's biggest
beverage company and that Ivester's term had effectively ended.
While analysts have praised Daft's selection, the company's
stock has continued to flounder. Coke shares were down $1.43 3/4 at
$52.12 1/2 in early afternoon trading today on the New York Stock
Exchange.
During retirement, Ivester will serve as a company consultant
"available to Daft and other senior management as they deem
appropriate," Coke spokesman Rob Baskin said.
Daft, 56, began his career with Coke in 1969 in his native
Australia. Last month, he stunned Wall Street and company observers
by announcing worldwide job cuts of 6,000, including 40 percent of
the work force at company headquarters.
Stahl, 46, has been with Coke since 1980 and has managed Coke's
operations in North America and Latin America and The Minute Maid
Co.
The board also elected Minute Maid president and chief executive
Don Knauss a Coca-Cola vice president.
