Former Y&R head Heyer seen as Coke heir apparent

NEW YORK - Coca-Cola has said that Steven Heyer, former president of Young & Rubicam Advertising Worldwide, is being considered to take over from Doug Daft when he retires as chairman and chief executive at the end of the year.

Coca-Cola said that Heyer, who is currently president and chief operating officer, was the internal candidate for the position but that the board would also carefully consider external candidates for the top job at Coke.

Daft revealed he was leaving yesterday after four years in the role. In a statement, he said: "Over the past four years we have accomplished a great deal and repositioned this company for accelerated growth. Today, our brands are stronger and our global production and marketing system has been restored to health."

However the soft drink giant's share price has fallen by around 25% since Daft was made chief executive in 1999 and volume targets have not been met.

Heyer joined Coca-Cola in March 2001 to head a new ventures unit, where he was charged with developing new products and marketing juices, coffees and teas. He was promoted to the chief operating role in late 2002.

Before joining Coca-Cola Heyer was president and chief operating officer of Time Warner's Turner Broadcasting Systems, where he launched 14 new television networks, but his background is in marketing and advertising.

In May 2000 Heyer was appointed as a non-executive director on the board of WPP Group, the holding company that owns Coca-Cola's retained US advertising agency Berlin Cameron/Red Cell.

Prior to joining Turner in 1994 Heyer was president and chief operating officer of Young & Rubicam Advertising Worldwide and executive vice-president of Young & Rubicam.

Before Y&R he spent 15 years at the consultancy Booz, Allen & Hamilton, where he was senior vice-president and managing partner heading its worldwide marketing practice.

Reports say that Daft's exit from the company is a surprise because he was expected to stay on in the long term. The rapid rise of Heyer to the top is also unusual in the company, which is not known for appointing many "outsiders" in high-profile roles.

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