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The Coca-Cola Company has announced the retirement of three veteran board members: Barry Diller, Alexis Herman and Marc Bolland, effective 1 August 2024.
Collectively, these three directors have contributed nearly five decades of service to the beverage giant's governance.
James Quincey, chairman and CEO of Coca-Cola, commented: “I thank Barry, Alexis and Marc for their years of service and the important contributions they made in their distinct ways. They will be missed, and I wish them all the best.”
Diller, who joined the board in 2002, has chaired the finance committee since 2013. He is known for his leadership roles in major media and technology companies, including IAC Inc. and Expedia Group.
Herman, a director since 2007, has been a prominent figure in risk management and diversity initiatives. As chair and CEO of New Ventures, she has also served as US Secretary of Labor, where she focused on workforce development and labour policies. Her previous role as chair of Coca-Cola’s Human Resources Task Force was pivotal in reshaping the company's HR practices post-litigation.
Bolland, who has been with the board since 2015, brings a wealth of experience from the retail and beverage industries. His leadership roles at Blackstone Group, Marks & Spencer and Heineken NV have equipped him with valuable insights into operational efficiencies and market strategies that align with Coca-Cola's global ambitions.
In light of these retirements, Quincey emphasised the company's commitment to board refreshment, ensuring that future nominees enhance the board's collective expertise.
“Our board is comprised of a highly capable group of leaders who are well-equipped to oversee our business and represent the interests of our shareowners,” he noted.
Barry Diller
Tenure: Joined Coca-Cola's board in 2002.
Positions: Chairman of the finance committee since 2013.
Current roles:
Chairman and senior executive of IAC, a media and internet company.
Chairman and senior executive of Expedia Group, an online travel platform.
Previous experience:
Served as special advisor to TripAdvisor (2013-2017) and its chairman during its spin-off from Expedia (2011-2012).
Held a director position at MGM Resorts International.
Impact: Diller's expertise in media and technology has significantly influenced Coca-Cola's financial strategies and digital initiatives.
Alexis Herman
Tenure: Joined Coca-Cola's board in 2007.
Current role:
Chair and CEO of New Ventures, a risk management consulting firm.
Director at MGM Resorts International.
Previous experience:
US Secretary of Labor (1997-2001), focusing on workforce and labour policies.
Chair of the business advisory board for Sodexo, which specialises in food and facilities management.
Served as chair of Coca-Cola’s Human Resources Task Force (2001-2006), enhancing HR practices post-legal challenges.
Director at Cummins and Entergy Corp.
Impact: Herman's focus on diversity and human resources has helped shape Coca-Cola’s corporate culture and workforce policies.
Marc Bolland
Tenure: Joined Coca-Cola's board in 2015.
Current roles:
Senior advisor to Blackstone Group International Partners (formerly chairman of Blackstone Europe).
Director at Exor NV, an investment company.
Previous experience:
CEO of Marks & Spencer Group, a UK retailer.
CEO of WM Morrison Supermarkets, a supermarket chain in the UK.
COO of Heineken NV, where he contributed to global operational strategies.
Director of International Consolidated Airlines Group.
Impact: Bolland's extensive experience in retail and beverage sectors has provided valuable insights into market trends and operational efficiencies for Coca-Cola.
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