The Coca-Cola Company Announces Election of Corporate Officers and Declares Regular Quarterly Dividend

Rhea-AI Summary

The Coca-Cola Company announced the election of new corporate officers and the declaration of the regular quarterly dividend. Brenda Hofmann was elected senior VP and chief of internal audit, Leonardo Zei as VP of strategic ingredient supply, Derek Benz as senior VP and CISO, and Ellie May as chief accounting officer. The company also declared a regular quarterly dividend of 48.5 cents per common share.

Positive

• Appointment of seasoned corporate officers to key positions to enhance company operations and strategy.

• Declaration of a regular quarterly dividend of 48.5 cents per common share, showcasing the company's commitment to returning value to shareholders.

• Continued focus on global cybersecurity with the appointment of Derek Benz as the chief information security officer.

Negative

• Retirement of long-time executives like Barry Ballow and Lucy Reid may lead to a loss of institutional knowledge and experience within the company.

• Transition in key leadership positions may cause temporary disruptions in daily operations as new officers settle into their roles.

ATLANTA--(BUSINESS WIRE)-- The Board of Directors of The Coca-Cola Company today announced the election of corporate officers, along with declaring the company’s regular quarterly dividend.

Brenda Hofmann (Photo: Business Wire)

Brenda Hofmann was elected senior vice president and chief of internal audit, effective Aug. 1. She succeeds Barry Ballow, who is retiring July 31 after a 34-year career with the Coca-Cola system.

• Most recently, Hofmann has served as vice president and deputy chief of internal audit. Prior to this role, she was head of strategy, communications and operations for Platform Services and was chief of staff for the chief Platform Services officer.
• Hofmann started her career with Coca-Cola in 1994 in accounting research. She went on to hold numerous roles in finance, procurement and general management, including investor relations, strategic planning and commercial finance. Hofmann also spent more than 12 years working outside of the United States.
• Prior to Coca-Cola, Hofmann worked at PricewaterhouseCoopers in Atlanta.
• Hofmann holds a Bachelor of Science in business administration and a master’s degree in accounting, both from the University of North Carolina at Chapel Hill. She is a CPA.

Leonardo Zei was elected vice president and appointed head of strategic ingredient supply, leading supply chain sourcing activities for all flavor and non-agricultural ingredients, effective immediately. Zei succeeds Lucy Reid, who retired April 30 after a 36-year career with the company.

• Most recently, Zei has served as finance and strategic planning director for flavors manufacturing.
• Zei joined the Coca-Cola system in 1997 with Coca-Cola Hellenic Italy, starting in sales before transitioning into roles of increasing responsibility in various functions, including logistics, audit and financial management, while covering several international assignments.
• In 2012, he joined Reckitt Benckiser in Africa and, in 2014, moved to Ireland in a role with Kellogg’s. He rejoined the Coca-Cola system in 2016.
• Zei holds a degree in business, economics and finance from the University of Florence in Italy, including a one-year scholarship program at Ryerson University in Toronto. He completed the Strategic Finance Executive program at IMD Lausanne. He also completed the Supply Chain Leadership Excellence program and holds a certification in Procurement and Supply Chain Management Leadership, both from the Georgia Institute of Technology.

Derek Benz was elected senior vice president. He continues in his current role as chief information security officer.

• Benz joined the company in 2020 and is responsible for executing the vision, strategy and implementation of the global cybersecurity function.
• He came to Coca-Cola from Ford Motor Co., where he also served as chief information security officer.
• Benz has nearly 30 years of experience in the cybersecurity industry, holding similar roles in other leading companies such as Honeywell and BP.
• Benz is a graduate of Hillsdale College in Michigan and holds an MBA from Columbia University.

Ellie May, who currently serves as senior vice president and controller, was appointed to the additional role of chief accounting officer, effective June 1. She will succeed Mark Randazza as chief accounting officer. Randazza will continue in his role as senior vice president and assistant controller.

• May joined Coca-Cola in May 2023 from Ernst & Young LLP, where she was an audit partner serving companies in the retail and consumer products industry for more than 20 years.
• May also spent time in EY’s National Accounting practice in New York and capital markets and audit practices in Europe.
• In these roles, she was responsible for overseeing the global audits of large multinational companies, supervising engagement teams, monitoring standard-setting activities, and developing EY’s interpretive guidance on the topic of revenue recognition.
• May is a CPA in Georgia and New York. She has a bachelor’s degree in international business from the University of Georgia and a master’s degree in accounting from the University of Virginia.

Quarterly dividend

The company today declared a regular quarterly dividend of 48.5 cents per common share, payable July 1 to shareowners of record of the company as of the close of business June 14.

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 water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Gold Peak and Ayataka. Our juice, value-added 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 Instagram, Facebook and LinkedIn.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240502638667/en/

Investors and Analysts: Robin Halpern, koinvestorrelations@coca-cola.com

Media: Scott Leith, sleith@coca-cola.com

Source: The Coca-Cola Company

FAQ

Who was appointed as the new senior VP and chief of internal audit at The Coca-Cola Company?

Brenda Hofmann was appointed as the new senior VP and chief of internal audit at The Coca-Cola Company, effective Aug. 1.

What is the regular quarterly dividend declared by The Coca-Cola Company?

The Coca-Cola Company declared a regular quarterly dividend of 48.5 cents per common share, payable on July 1 to shareholders of record as of June 14.

What is the stock symbol of The Coca-Cola Company?

The stock symbol of The Coca-Cola Company is 'KO'.