AUS: Coca-Cola Amatil updates MD employment terms
Coca-Cola Amatil has agreed new employment terms with its group managing director.
The Australia-based soft drinks firm said today (2 November) that Terry Davis will now have a 12-month rolling contract in place. Whereas Davis had in place a three-month resignation notice period, CCA now requires 12 months notice should he wish to move on.
Davis' previous agreement with Coca-Cola Amatil (CCA) was due to expire on 30 November 2011.
Should CCA wish Davis to leave the company before the end of November 2011, the company is now bound to pay him 12 months' total remuneration. After 30 November 2011, CCA will have to give him 12 months notice.
The 12-month rolling contract takes immediate effect.
"Securing an agreement which facilitates Terry's services to continue beyond 30 November 2011 is in the best interests off CCA and its shareholders," said company chairman, David Gonski, in an announcement to the Australian Stock Exchange. "Mr Davis continues to perform impressively and maintains the enthusiasm and commitment to deliver continued success."
Davis joined CCA in November 2001 from Foster's Group's Beringer Blass wine division, where he had been managing director. In 2005, Davis was linked to the CEO position at US-based Coca-Cola Enterprises, before the company plumped for former InBev boss John Brock in 2006.
Coca-Cola Amatil (CCA) has confirmed details of its dividend reinvestment plan for last year....
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