Coca-Cola Board Approves Kathy Waller As CFO

(RTTNews) - The Board of Coca-Cola Co. (KO) has elected Kathy Waller as Executive Vice President and Chief Financial Officer, effective immediately. As announced in February, Kathy Waller replaces Gary Fayard, who is retiring after two decades with the beverages giant.

Waller, most recently served as vice president, finance and controller, having joined the company in 1987 as a senior accountant. She was subsequently named principal accountant for the Northeast Europe/Africa Group, followed by her assignment as marketing controller for the McDonald's division.

The outgoing Finance Chief, Fayard, joined Coca-Cola in 1994 as vice president and controller and was elevated in 1999 as senior vice president and CFO. In 2003, Fayard was promoted to the role of Executive Vice President and CFO. Prior to joining Coca-Cola, Fayard served 19 years with Ernst & Young.

The executive change comes at a time when Coca-Cola faces a tough global economic environment and stiff competition, marked by declining volumes in North America and some softness in emerging markets.

The Board also elected Larry Mark, Mark Randazza, Wamwari Waichungo, Ronald Lewis and Jos Wellekens as Vice Presidents of the Company, effective immediately.

The Board declared a quarterly dividend of 30.5 cents per share, payable July 1 to shareholders of record as of June 16.

KO is currently trading at $40.70, down $0.03 or 0.07%, on the NYSE.