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Coca-Cola Names New CMO as Profit Tumbles

2 days after Q3 earnings

Veteran insider will take over CMO role for Coca-Cola.

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

Tripodi, who has served as CMO for seven years, will retire at the end of February 2015. Tripodi joined from Allstate in 2007 and was able to bring stability to a role that had been a revolving door. 

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.

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