Blog: Put it in a memo
Chris Brook-Carter | 2 March 2004
The fears that the current uncertainty at Coca-Cola Company over who will suceed outgoing CEO Doug Daft will de-stabilise business efforts, is apparently not the sole domain of the investment community.
According to the Atlanta Constitutional Journal late last week, Coca-Cola's departing chairman and CEO is trying to persuade employees "not be distracted by the background noise" as the CEO selection process begins.
Daft apparently sent an internal memo late Thursday urging workers to focus on the business, even as future leadership remains uncertain.
"We simply must not take our eye off the ball or lose the positive forward momentum we have all worked so hard to create," the memo said.
The Journal, in its report, went on to highlight a research note from UBS, in which analyst Caroline Levy downgraded Coca-Cola.
She said: "In our opinion, Steven Heyer may not be selected as the next chairman and CEO," before adding that the board's hiring of an outside candidate could mean that "many Coca-Cola employees may become distracted as they fear for their jobs and await new strategic plans."
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