The Coca-Cola Co. has reached within its Spanish-Portuguese operations and named Marcos de Quinto as chief marketing officer, replacing Joseph Tripodi following lagging sales. The news comes after Atlanta-based Coca-Cola's inadequate third quarter results on Tuesday, reports The Wall Street Journal.
Muhtar Kent, chairman and CEO of Coca-Cola, commended Tripodi for his leadership and dedication in a statement.
Based in Madrid, de Quinto has worked for Coca-Cola in various regional marketing director roles since 1982. He is currently the president of the Iberia business unit and vice president of the European group.
"[De Quinto] will bring a global view with strong operational experience to this key role," said Kent in a statement. Kent also noted de Quinto's passion for Coca-Cola's brands, business and system.
Coca-Cola will not hit its long-term profit growth targets for 2014 or 2015, feeling the pain as many consumers cut back on soda. Early reports of rising global sales thanks to the "Share a Coke" campaign stoked anticipation of this week's report. But the small uptick in volume wasn't enough to keep profit from tumbling 14 percent.