The Coca-Cola Company has announced that chief marketing and commercial officer Joe Tripodi will retire at the end of February, to be succeeded as CMO by Marcos de Quinto, currently president of the Iberia Business Unit and VP of the Europe Group.
De Quinto, who has been in his current position since 2000, will assume the CMO role on Jan. 1, before Tripodi leaves, in order to ensure a smooth transition, the company said. Previously, de Quinto held various Coca-Cola division marketing roles across Spain, Southeast and West Asia and Germany, and general management roles in Singapore and Malaysia.
De Quinto is known for "his ardent passion for our brands, our business and our system, as well as his strategic capabilities,” stated Coca-Cola chairman and CEO Muhtar Kent, stressing that de Quinto will bring "a unique combination of world-class operational and marketing expertise” to the company's global marketing organization.
Tripodi, who was inducted into the American Marketing Association Hall of Fame this year, joined Coca-Cola in 2007 from Allstate Insurance Company, where he was CMO. He had also served in CMO roles for The Bank of New York, Seagram Spirits & Wine, and MasterCard International.
In its announcement, Coca-Cola stressed Tripodi's accomplishments, including the launch of "Open Happiness," one of the Coke brand's most successful global campaigns, and being named the Cannes Lions Creative Marketer of the Year in 2013.
Tripodi "has successfully led our company’s worldwide marketing and commercial organization, and played a vital role in building and leveraging our marketing capabilities and talent around the globe,” said Kent.
However, the announcement comes just days after Coca-Cola reported weaker-than-expected third quarter results and warned that it would miss its long-term profit growth targets in 2014 and 2015, prompting the Wall Street Journal to characterize the move as an "ouster" that is "the latest bid by the world's largest beverage maker to revive flagging sales."