Coke Chairman Is Described as ‘Seriously Ill’
Coca-Cola Co. Chairman Roberto C. Goizueta was in critical condition Monday with a throat infection related to recent treatments for lung cancer.
The 65-year-old Goizueta, who was in intensive care at Emory University Hospital in Atlanta, will miss a board meeting Thursday for the first time since he became chairman of the soft drink giant 16 years ago.
“He’s seriously ill,” said Randy Donaldson, a Coca-Cola spokesman. “He did not feel like he would be there.”
Goizueta was hospitalized Sept. 6 after he was found to have cancer and began chemotherapy and radiation treatments. He was released from Emory on Sept. 22 and continued the regimen, but was readmitted to the hospital last Tuesday with a throat infection. Chemotherapy weakens the immune system, making the throat infection more dangerous.
Goizueta’s illness is expected to have little impact on the beverage maker’s business, analysts said, largely because of the preparedness of other top executives, led by Coca-Cola President and Chief Operating Officer Douglas Ivester. Ivester, 50, is Goizueta’s protege.
“Investors should feel comfortable because there is a very deep management team at Coca-Cola,” said Marc Cohen, a Goldman Sachs & Co. analyst.
Coca-Cola shares fell 38 cents to close at $61.31 on the New York Stock Exchange.
James B. Williams, chief executive of SunTrust Banks Inc., will serve as chairman of the company’s board meeting Thursday. The company said it doesn’t expect leadership of Coke to be discussed at the meeting.
Goizueta, a Cuba native, was named CEO of the Atlanta-based company in 1981. Under his leadership, the company’s stock market value increased to more than $150 billion from $5 billion. Goizueta (pronounced Goy-SWATE-ah) is known as a mild-mannered and demanding executive. He has smoked cigarettes for years.
In recent years, Goizueta has focused on expanding Coke’s business internationally. The company derives more than three-fourths of its profit from outside the U.S. Goizueta also has spearheaded Coke’s aggressive drive to consolidate its international bottling system.
