US: Coke names senior VP, outlines dividend
Coca-Cola Co. has appointed a new senior vice president and confirmed details of its quarterly dividend.
Coke said yesterday (19 October) that Jerry Wilson will assume the position of senior vice president with immediate effect.
Wilson, who has been with the company since 1988, is currently the president of The McDonald's Division, where he is responsible for the company's global strategic business alliance with the fast food company in 120 countries. He reports directly to Coke's chairman and CEO, Neville Isdell.
Regarding the quarterly dividend, Coke announced that it will pay US$0.31 per common share. Payment will be made on 15 December to shareholders of record on 1 December.
Finally, Coke said it has established a majority vote standard for the election of directors. Each director will now be required to receive a majority of votes cast in an election, where previously a plurality vote standard was in place.
The original practice meant that, in an uncontested election, a candidate receiving any votes would have been elected even if more votes were withheld than cast in the candidate's favour.
In contested elections, where there are more nominees than directors to be elected, the plurality vote standard will continue to be used and the candidate receiving the most votes would be elected.
Coke described the change as "a further demonstration of the company's commitment to corporate governance best practices", which will "ensure an even higher level of accountability to Coca-Cola shareowners".
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