The Coca-Cola Company today announced Executive Vice President and Chief Financial Officer Gary P. Fayard will retire in May 2014, after 20 years of service with the Company.
The Coca-Cola Company named Kathy N. Waller, 55, to succeed Fayard in the role of Chief Financial Officer. (Photo: Business Wire)
A well-respected leader, Fayard, 62, joined The Coca-Cola Company in 1994 as Vice President and Controller and was promoted in 1999 to Senior Vice President and CFO. In 2003, Fayard was promoted to his current role of Executive Vice President and CFO, where he is responsible for leading the Company’s global Finance organization, overseeing Mergers & Acquisitions, Investor Relations, Tax, Treasury, Audit, Accounting and Controls, Financial Reporting, Real Estate, and Risk Management. In this role, he also serves as management representative for the Finance, Audit and Compensation Committees for the Board of Directors.
During Fayard’s tenure as CFO, revenues of the Company have more than doubled to $47 billion in 2013, and the Company completed the $12 billion acquisition of Coca-Cola Enterprises’ North America business, the largest acquisition in the Company’s history. Over the past 14 years, the Company has returned more than $74 billion to shareowners through dividends and share repurchases. For the last 3 years, Fayard was named Institutional Investor’s Best CFO in the Beverage Industry.
Prior to joining The Coca-Cola Company, Fayard served 19 years with Ernst & Young, concluding his service there as a partner. He received his degree from The University of Alabama College of Commerce and Business Administration.
“Gary’s deep experience across the financial spectrum combined with his passion for our business and his people have contributed significantly to the success of our Company,” said Muhtar Kent, Chairman and CEO, The Coca-Cola Company. “Gary will leave a legacy of financial strength across the global organization, and the successful development of leaders who will now steward the growth of our system. He has been my trusted adviser, providing leadership, guidance and, importantly, a dry wit. I feel fortunate to have had a leader such as Gary as our CFO and as my colleague through the years. We wish Gary and his family all the best in his retirement.”