Coca-Cola President Jack Stahl resigned Sunday as
the beverage giant announced a reorganization of its management
structure.
The change creates four business units — Americas, Asia,
Europe/Africa and New Business Ventures — with the head of each
reporting directly to Coke chairman and chief executive Douglas
Daft.
The new structure eliminates the president position.
Stahl, 47, was not fired, Coke spokesman Rob Baskin said.
Rather, he decided it was time to pursue other career
opportunities, considering the company well on its path to
financial recovery after several tough years.
"Jack Stahl and I held a lengthy discussion about the exciting
potential of this new model," Daft said in a statement. "Jack
concluded that, having helped the Coca-Cola Co. reset its agenda
and priorities, he wanted to seek new leadership challenges
elsewhere."
The company named Jeffrey T. Dunn, currently the president of
Coca-Cola North America, to serve as Americas chief. A.R.C.
"Sandy" Allan will continue as Asia head and Charles S. Frenette,
the chief of Coke's Europe operation, will add Africa to his
duties.
The company said it will shortly name a leader of its new
division, New Business Ventures. The effort, which Daft has
discussed in less formal terms since he became Coke's leader, is
designed to promote a spirit of entrepreneurship and innovation
throughout the company.
Stahl earned $2 million last year and options to buy 500,000
Coke shares.
Stahl began his Coke career in 1981 in the finance department,
working in various positions including executive assistant to the
chief financial officer. He served as president of Coca-Cola USA
from 1994 to 1999.
The tough years that Coke has endured recently included a health
scare and subsequent recall in Europe, a falling stock price and a
racial discrimination suit, which the company settled last year for
$192.5 million — the largest settlement ever in a racial
discrimination case.
