Coca-Cola Marketing Head to Leave After Only 1 Year
{{#rendered}} {{/rendered}}
Coca-Cola Co. (KO) said Tuesday Chief Marketing Officer Daniel Palumbo (search) was leaving the world's largest beverage maker after only about a year in his job.
The move is the latest in the shake-up of Coca-Cola's top management. The company recently named Neville Isdell (search) as its chairman and chief executive and announced that President and Chief Operating Officer Steve Heyer, who had put a new marketing campaign in place, was leaving the company.
The company named Coca-Cola veteran Chuck Fruit as Palumbo's replacement. Palumbo, who had previously worked as a marketing executive for Eastman Kodak (EK), was nameand CEO position, and Palumbo, the company's general counsel and its head of North American operations have recently left.
{{#rendered}} {{/rendered}}
Palumbo replaced Stephen Jones, who stepped down in March 2003 as Coca-Cola began reshaping its marketing structure under Heyer.
Coca-Cola is struggling to boost sluggish sales of its flagship Coca-Cola brand and calm investors spooked by U.S. government probes of alleged accounting fraud.
Shares of Coca-Cola were down 18 cents at $51.00 on the New York Stock Exchange (search).