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Herbert A. Allen III Elected to Board of Directors of The Coca-Cola Company
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
The Coca-Cola Company (NYSE: KO) announced the election of Herbert A. Allen III as a director, effective December 17. Allen, president of Allen & Co. for nearly two decades, has substantial experience in financial advisory and investment banking. He is the son of former director Herbert A. Allen Jr., who retired after 39 years. The board now has 12 directors, and Allen will seek reelection at the annual meeting in April 2022. James Quincey, Chairman and CEO, stated that Allen's expertise will enhance the board's knowledge base and perspective.
Positive
Herbert A. Allen III's election adds valuable industry perspective to the board.
Allen brings nearly 20 years of experience in financial advisory and investment banking.
Negative
Potential concerns about continuity and experience gaps following the retirement of Herbert A. Allen Jr.
ATLANTA--(BUSINESS WIRE)--
The Coca-Cola Company today announced that Herbert A. Allen III, president of Allen & Co. LLC, has been elected as a director.
Herbert A. Allen III (Photo: Business Wire)
Allen, 54, is the son of Herbert A. Allen Jr., who retired from the Coca-Cola board earlier this year after 39 years of service. Allen has served as president of Allen & Co. for nearly two decades. Allen & Co. is a privately held investment firm based in New York, focused on the media, entertainment, technology and other innovative industries.
“Allen & Co. has a longstanding relationship with The Coca-Cola Company, and Herb Allen will bring deep knowledge and valuable perspective to our board,” said James Quincey, Chairman and CEO of The Coca-Cola Company.
Allen has been president of Allen & Co. since 2002. He has supervised all business operations, including financial advisory and investment banking services to public and private companies. He also supervises the firm’s principal financial and accounting officers. Prior to Allen & Co., Allen held positions with T. Rowe Price and Botts & Co. Ltd. Allen is a graduate of Yale University and lives in New York.
Allen currently serves as an alternate director for Coca-Cola FEMSA and Grupo Televisa. He is an advisory board member for the Stanford Center on Philanthropy and Civil Society and the Center for a New Economy.
Allen’s appointment, effective Dec. 17, brings the Coca-Cola board to 12 directors. Allen will stand for reelection at the company’s annual meeting in April 2022.
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our hydration, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Gold Peak, Honest and Ayataka. Our nutrition, juice, dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.
Who is Herbert A. Allen III and what is his role at Coca-Cola?
Herbert A. Allen III is the newly elected director at Coca-Cola, effective December 17, bringing significant experience from his role as president of Allen & Co.
When will Herbert A. Allen III stand for reelection?
Herbert A. Allen III will stand for reelection at Coca-Cola's annual meeting in April 2022.
What impact will Herbert A. Allen III's appointment have on Coca-Cola?
His appointment is expected to enhance the board's knowledge and provide valuable insights, benefiting Coca-Cola's strategic direction.
How many directors are on Coca-Cola's board now?
With the election of Herbert A. Allen III, Coca-Cola's board now consists of 12 directors.
