Coca-Cola Co. (KO) has had a busy few months.
After its August announcement that it's buying U.K. coffee chain Costa Coffee, the soda giant is now announcing major changes to its C-suite. Brian Smith will now serve as Coca-Cola's president and chief operating officer, effective Jan. 1, 2019. Smith is currently the president of the Europe, Middle East and Africa group.
"I have tremendous respect for Brian, who is a valued business partner," CEO James Quincy said. He added, "He is the ideal person to steer the in-market executional leadership of the company, which will allow me to focus on the strategic direction of Coca-Cola as we continue to evolve as a total beverage company."
John Murphy will be promoted to chief financial officer and executive vice president in March 2019, succeeding Kathy Waller, the current CFO, who will retire. As CFO, Murphy will oversee the company's merges and acquisition strategy, Coca-Cola said in a press release, signifying that more deals may be to come for the soda maker.
Coca-Cola's latest earnings report in July beat expectations on both top and bottom lines. It reports its next earnings Oct. 30.
Quincy, the current CEO, sat down with TheStreet in February this year to discuss the company's future.
Shares of Coca-Cola were largely flat late Thursday morning, rising then falling less than 1%. The stock is up 0.3% this year.
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