Coke Names Executives for European Unit, Marketing Post

Coca-Cola Co.’s incoming chief executive continued to shake things up Friday, naming a new head of the company’s European division, which struggled through a costly contamination scare last year, and appointing a new chief marketing officer.

It was the second and third such moves this week by Doug Daft. Many analysts viewed the management shuffle as Daft’s way of putting together a new team in time for his official takeover of the Atlanta-based soft drink giant in April at the annual shareholders meeting.

“He’s been in Atlanta since 1991 and is familiar with the system and the players, so there isn’t the normal waiting time you would normally get with a new CEO,” Merrill Lynch analyst Douglas Lane said.

Coca-Cola shares shot up more than 6%, rising $3.75 to close at $60.75, in a day of broad stock gains on the New York Stock Exchange.

Daft was named successor to Coke’s chairman and chief executive, M. Douglas Ivester, last month immediately following Ivester’s surprise retirement announcement.

Daft picked Charles S. Frenette to take over the Greater Europe Group, which includes 49 countries, following the retirement of William P. Casey. Frenette also will become an executive vice president.

Frenette, 47, is currently chief marketing officer. Taking his place will be Stephen C. Jones, 44, president of Coke subsidiary Minute Maid since November and former deputy division president in Japan.

Frenette oversaw the creation of the company’s new marketing strategy, which is to be unveiled during the next few months.

Casey was in charge of the European division when the company underwent a massive product recall in Belgium and France last year because of a health scare.