Business Context and Reporting Period
This Form 8-K Current Report was filed by The Coca-Cola Company on April 25, 2014, covering events that occurred on April 24, 2014. The filing primarily addresses significant changes in executive leadership within the finance department.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. It is a corporate governance report focused on personnel appointments.
Material Changes
The Board of Directors announced the following executive appointments effective April 24, 2014:
- Kathy N. Waller was elected Executive Vice President and Chief Financial Officer. She succeeds Gary Fayard, who is retiring in May 2014. Ms. Waller has been with the company since 1987 and previously served as Vice President, Finance and Controller.
- Larry Mark was elected Vice President and Controller. He has been with the company since 1991 and previously served as CFO for the Europe Group and Coca-Cola North America.
Guidance, Outlook, and Compensation
Both executives received letters confirming their new positions and primary compensation elements. Their new base salaries are effective as of the appointment date. They remain eligible to participate in the Company's Performance Incentive Plan and Long-Term Incentive program and are subject to share ownership guidelines. Specific salary figures are not disclosed in this filing but are referenced in the 2014 Proxy Statement.
Investor Verification Checklist
- Review the attached compensation letters (Exhibits 10.1 and 10.2) for specific base salary details.
- Consult the 2014 Proxy Statement filed on March 7, 2014, for details on the Performance Incentive Plan and Long-Term Incentive program.
- Monitor the transition period as Gary Fayard retires in May 2014.