Coca-Cola's global chief marketing officer will get a new set of responsibilities as part of an organisational restructure.
As the soft drinks giant looks to slow its losses from the ongoing pandemic, it is reshaping its business around five categories, with each unit reporting to Singapore-based Manolo Arroyo.听
According to a company statement, the five categories will be: Coca-Cola and sparkling flavors; hydration and sports; coffee and tea; nutrition, juice, milk and plant; and emerging categories.
Coca-Cola, which owns the Fanta, Sprite and Minute Maid brands, revived its CMO role in 2019, with Arroyo's appointment. In its most recent quarter, the company's revenue dived 28% year on year to $7.2bn (拢5.4bn), prompting the firm to take a hard look at its portfolio and announce plans to shutter so-called "zombie brands".
Worldwide, Coca-Cola has 400 brands, half of which are dormant, acconting for barely 2% of its overall revenue.听
鈥淭he changes in our operating model will shift our marketing to drive more growth and put execution closer to customers and consumers while prioritising a portfolio of strong brands and a disciplined innovation framework," chairman and chief executive James Quincey said in a statement.
"As we implement these changes, we鈥檙e continuing to evolve our organisation, which will include significant changes in the structure of our workforce.鈥
As part of this restructure, Coca-Cola is also streamlining its operations into nine units from 17 previously, under four geographies. The company鈥檚 operating leaders will report to president and chief operating officer Brian Smith.
Under this reorganisation, Coca-Cola has also announced the creation of Platform Services, a business unit that will serve its operating units, categories and functions to create efficiencies and deliver capabilities at scale across the globe.
This will include data management, consumer analytics, digital commerce and social/digital hubs.听Platform Services will be led by senior vice-president and chief information and integrated services officer Barry Simpson.
As part of the exercise, the company has also announced a voluntary redundancy package, affecting 4,000 employees in the US, Canada and Puerto Rico, and based on most-recent hire dates, on or before 1 September, 2017. This programme will also be offered globally.听
The company鈥檚 overall global redundancies are expected to incur expenses of between $350m and $550m.
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