US: Lancer inquiry finds no irregularities, CEO retires
Lancer Corp. has revealed the findings of an independent inquiry into matters related to dealings with Coke. The equipment supplier, implicated in allegations made by former Coke employee Matthew Whitley last year, said on Friday that an inquiry by its audit committee did not find evidence of "intentional misconduct" or "accounting irregularities."
Both Lancer and Coca Cola are the subjects of formal probes by the Securities and Exchange Commission.
Lancer's CEO, George F. Schroeder, announced his retirement after the results of the inquiry were announced. Schroeder will stand down on 28 February, to be succeeded by current president and chief operating officer Christopher D. Hughes. Schroeder will remain on the board of the company.
In a statement, Schroeder said: "Now that the audit committee's investigation has been completed, we are in a position to implement this transition."
Sectors: Soft drinks
- Cuba-US Normalisation: Bacardi, Pernod Winners?
- Review of the Year 2014 - Part IV: Spirits
- Comment - The Appeal and Perils of Craft
- Sustainability in Wine - Part I
- Time is Right for Refresco Gerber Exit
- Belvédère to sell assets, streamline portfolio
- Belvedere vodka tie-up over new James Bond film
- Diageo ups focus on China with Mortlach roll-out
- Diageo rolls out Beckham's Haig Club to US
- Diageo welcomes verdict on Crown Royal "confusion"
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- The IWSR Forecast Report - 2014-2019 Global Review
- Global Tequila Market 2014-2018
- just-drinks on-trend: Craft beer - fortunes and future