Coca-Cola Co. said Kathy Waller, vice president of finance and controller, will become chief financial officer, replacing Gary Fayard, who is retiring.
Waller, 55, joined Coca-Cola as a senior accountant in 1987, the Atlanta-based company said today in a statement. Fayard, who is 62 years-old and has been CFO since 1999, will retire in May.
Chief Executive Officer Muhtar Kent is leading the world’s largest soft-drink maker in a plan to cut $1 billion in costs by 2016 and plow the savings into marketing to help revive demand. Earlier this week, Coca-Cola shares had their biggest one-day decline in two months after the company posted fourth-quarter results that showed North American soft-drink demand is shrinking and growth in emerging markets was slowing.
Coca-Cola rose 0.6 percent to $37.30 at 1:52 p.m. in New York. The shares fell 10 percent this year through yesterday, compared with a 1.1 percent drop for the Standard & Poor’s 500 Index.