Coca-Cola replaces Kent with Quincey as CEO

James Quincey, top lieutenant is soon going to replace the current chief executive officer of Coca-Cola, Muhtar Kent.

Kent is going to hand over the job to Quincey next year, handing the job to an executive credited with steering the company toward less sugary beverages.

In a statement issued by the company, Quincey, a 51-year-old who currently serves as Coca-Cola's chief operating officer, will assume the CEO role on May 1. Whereas, Kent will remain chairman and is also going to turn 65 next year.

The move will put the London-born Quincey in charge of the world's one of the largest soft-drink company at a time when it's adapting to shifting tastes. Many consumers in the US and other developed countries are shying away from sugar and artificial ingredients, putting pressure on Coca-Cola to diversify its lineup. During his two decades at the Atlanta-based company, Quincey helped introduce smaller package sizes and other initiatives to cut the calories of its beverages.

Coca-Cola also is offloading more of its bottling operations around the world. And it embarked on an effort to cut costs by $3 billion under Kent. When the transformation is complete, Coca-Cola will primarily be a seller of concentrates and syrups to other companies, which manufacture, package and distribute the drinks.

Kent, who has served the company as CEO for eight long years, said, "Having worked closely with James 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."

Warren Buffett, Coca-Cola's biggest investor, praised the incoming CEO. "I know James and like him, and believe the company has made a smart investment in its future with his selection," he said.