Beverage maker Coca-Cola Inc has named veteran Sanket Ray its new India head as part of a major restructuring of the company's operations across global markets. He is currently working as the chief operating officer of Coca-Cola China. The present Coca-Cola country chief, T Krishnakumar, has been named chairman of the company and will be responsible for building key local strategic partnerships.
The world's largest beverage maker last week had announced that it would nearly halve its operating units and lay off 4,000 workers as the business has been severely hit by the COVID-19 pandemic.
As part of its restructuring plans, the company has reduced the number of operating units from the current 17 units to nine. "The company's nine operating units will replace current groups and business units, effective January 1, 2021. These changes will help eliminate duplication of resources and enhance the company's ability to scale new products more quickly," Coca-Cola said in a statement.
The Minute Maid and Fanta maker in July reported a 28 per cent slump in sales as coronavirus-led curbs led to closures of restaurants, theatres, and sports venues.
India has emerged as the fifth largest business hub for the $37.2 billion American beverage giant. The company's Chairman and CEO, James Quincey, had earlier this year said the company sees India as a super-attractive market, and it will continue to invest and build business in the country.
The beverage firm's stock was trading 1.39 per cent or $50.48 down compared to the previous session close of Rs 51.19 on NYSE on Thursday.
Edited by Manoj Sharma with inputs from Reuters