Banking
Coca-Cola Reveals Leadership Succession Plan
By Modupe Gbadeyanka
World’s largest beverage company, Coca-Cola, today announced that its Board of Directors has approved unanimously the recommendation of Chairman and Chief Executive Officer Muhtar Kent for an evolution of the company’s senior leadership structure.
Under the new structure, company veteran James Quincey, President and Chief Operating Officer, will succeed Kent as CEO, effective May 1, 2017.
Kent will continue as Chairman of the Board of Directors.
The Board intends to nominate Quincey to stand for election as a director at the 2017 Annual Shareowners Meeting in April.
“Managing The Coca-Cola Company to ensure our long-term growth requires a thoughtful and orderly succession planning process,” said Muhtar Kent. “I have been engaged with our Management Development Committee and the full Board on talent development and succession discussions throughout my tenure as CEO. We are certain that James Quincey is prepared for these new responsibilities and is the absolute right choice to lead our company and system into the future.
“One of our Board’s key priorities is developing the next generation of leaders and James is a perfect example of our talent pipeline in action,” added Kent. “Having worked closely with James during the past 10 years of his 20-year career with our company, I know that his vast industry knowledge, expertise with our brands, values and system, coupled with an acute understanding of evolving consumer tastes, make him the ideal candidate to effectively lead our company and bottling system. James has the strategic vision and inspirational leadership to usher in the next phase of growth for our great business.
“It has been the most wonderful and unique privilege to serve as Chairman and CEO of our great company over the past eight years,” Kent continued. “This transition comes at a time of important evolution for The Coca-Cola Company. Our journey to refocus on our core business model of building strong global brands, enhancing sustainable customer value and leading a strong, dedicated franchise system is well under way. During James’ time as President and COO, he has further demonstrated his deep understanding of the dynamics of our business and what it takes to win in the marketplace.”
Sam Nunn, Independent Lead Director of The Coca-Cola Company’s Board of Directors, said, “On behalf of the Board, we thank Muhtar for his outstanding leadership and dedication as the Chairman and CEO of The Coca-Cola Company. Muhtar has been a true visionary who led the company through sustained growth and set the stage for the tremendous opportunity that lies ahead. Muhtar has consistently put the next decade in front of the next quarter and laid a solid foundation for his successor and the shareowners. Among his many achievements, Muhtar has built a world-class leadership team and we are fortunate to have a leader with James’ capabilities as our next CEO.”
Nunn expressed the Board’s confidence in the appointment of Quincey: “James is a proven leader who is passionate about developing people, building strong teams and creating winning cultures everywhere he has been. He has the ideal combination of skills, ability and experience and we believe that there is no person more capable of leading The Coca-Cola Company.”
Warren Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway Inc., said, “As Chairman and CEO, Muhtar has been an excellent steward of Coca-Cola’s business over the last eight years and I am thankful for the leadership he has provided to put in place the right vision, strategy and thoughtful succession plan for long-term success. I know James and like him, and believe the company has made a smart investment in its future with his selection.”
“I am truly honoured and humbled to lead this great company into the future,” said Quincey. “Muhtar has been a catalyst for change at The Coca-Cola Company – driving the transformation of our global bottling system, expanding our product portfolio and making sustainability a business imperative. I am committed to continuing my strong partnership with Muhtar, our talented management team and associates, and our valued bottling partners to continue this momentum and capture the enormous opportunities in front of us.”
Quincey, 51, was named The Coca-Cola Company’s President and Chief Operating Officer in August 2015. Earlier this year, he put in place a new international operating structure and leadership team to make the company more efficient and effective at the local levels, helping our operating units become faster and more agile. Throughout his career at Coca-Cola, Quincey has shown leadership in addressing consumer changes by expanding product offerings, introducing smaller package sizes, and most recently, driving systematic portfolio reformulation to reduce added sugar with over 200 initiatives in progress.
Prior to this role, Quincey served as President of The Coca-Cola Company’s Europe Group. Under his leadership, the Europe Group was the company’s most profitable operating group as it strategically expanded its brand portfolio and improved execution across the geography.
Quincey served as President of the Northwest Europe & Nordics Business Unit (NWEN) from 2008 to 2012. Among Quincey’s many accomplishments during this time was his leadership during the acquisition of innocent juice in 2009, which is now sold in more than 14 countries and is well on its way to becoming one of the company’s billion-dollar brands.
From 2005 to 2008, Quincey was President of the Mexico Division. During his tenure in Mexico, he grew market share for brand Coca-Cola and expanded the company’s portfolio with the relaunch of Coca-Cola Zero and the acquisition of Jugos de Valle, one of the company’s 20 brands that generates more than a billion dollars in annual revenues and is now sold in 16 countries.
Quincey joined The Coca-Cola Company in Atlanta in 1996 as Director, Learning Strategy for the Latin America Group, and went on to serve in a series of operational roles of increased responsibility in Latin America, leading to his appointment as President of the South Latin Division in 2003. During his time in South Latin, Quincey was instrumental in developing and executing a successful brand, pack, price and channel strategy, which has now been replicated in various forms throughout The Coca-Cola Company’s global system.
Prior to joining Coca-Cola, he was a Partner in strategy consulting at The Kalchas Group, a spin off from Bain & Company and McKinsey. Quincey, who is bilingual in English and Spanish, received a Bachelor’s degree in Electronic Engineering from the University of Liverpool.
“We are fortunate that Muhtar will continue as Chairman and James has agreed to run the business as President and CEO,” said Nunn. “The combination will ensure the continued success their partnership has brought to the company over the last 16 months.”
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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