Coca-Cola Renews Push to Slim Operations Under Incoming CEO
- Profit misses estimates as Coke offloads bottling businesses
- James Quincey takes the reins from Muhtar Kent next week
A pallet of Coca-Cola Co. Classic brand soda cans sits stacked inside the warehouse at the Ball Corp. beverage can manufacturing facility in Findlay, Ohio, U.S., on Thursday, Jan. 12, 2017. The Federal Reserve is scheduled to release U.S. industrial production figures on January 18.
Photographer: Luke Sharrett/BloombergCoca-Cola Co. will step up its bid to transform the company into a far leaner operation under incoming Chief Executive Officer James Quincey after quarterly earnings missed estimates.
The soda giant vowed to cut costs by an additional $800 million a year, adding to a plan to wring $3 billion in savings. That will include 1,200 job cuts through 2018. The belt-tightening effort accompanies a move to spin off much of Coca-Cola’s bottling operations, one of the company’s biggest strategic changes in decades.