Coca-Cola president and chief operating officer Mr Steven Heyer, who was passed over for the top job in May, is leaving the company, the world's biggest soft drink maker said yesterday.
It did not give an exact timetable for Heyer's departure but said that he would leave after a transition period.
Coca-Cola watchers had speculated that Mr Heyer might leave after the company named Mr Neville Isdell as the replacement for departed chairman and chief executive Mr Doug Daft.
But Mr Heyer said recently he was "optimistic" about partnering with Isdell, who assumed his position on June 1st.
"We agreed that Steve could best realise his aspirations by pursuing opportunities outside of the company," Mr Isdell said in a statement.
Despite Mr Heyer's recent statements, his departure did not come as a surprise, said Mr John Sicher, editor of industry newsletter Beverage Digest. There could be more changes in the future, he added.
"Neville needs to have his own management team and management structure in place," said Mr Sicher. "I think we'll see what Neville's vision of Coke and Coke management begins to look like relatively soon."
The company did not elaborate on Mr Heyer's plans.
"This is the right time for me to pursue new opportunities," Mr Heyer said.
Mr Heyer, a former media executive, was groomed by Mr Daft as an heir apparent when he joined Coca-Cola in 2001.
Mr Heyer initially was named as the only internal candidate for Daft's job, but his prospects sunk amid speculation that key board members were uneasy about betting the future on a man with three years' experience at Coke.
- (Financial Times Service)
