8-KLeadership Changes

COCA COLA CO 8-K Report, Executive Changes (Oct 24, 2007)

Filed October 24, 2007For Securities:KO

Summary

The Coca-Cola Company announced a change to its Board of Directors, appointing Alexis M. Herman as a new director effective October 18, 2007. The Board was also expanded to 12 members to accommodate this appointment. Ms. Herman's background includes serving as the former U.S. Secretary of Labor and as the chairperson of an independent Task Force that monitored the company's compliance with a 2000 discrimination lawsuit settlement. Her expertise in human resources and compliance is expected to be a valuable asset to the Board. Investors may note the compensation previously received by Ms. Herman and her associated entity for her Task Force work. In 2006, she received $125,000 for her role as chairperson, and her company, New Ventures, received approximately $75,000 for administrative and travel expenses related to the Task Force. This appointment signifies the company's ongoing commitment to diversity and improved human resources practices, as previously overseen by Ms. Herman.

Key Highlights

  • 1Alexis M. Herman, former U.S. Secretary of Labor, elected as a Director to the Board.
  • 2The size of the Board of Directors has been increased to 12 members.
  • 3Ms. Herman has been appointed to the Public Issues and Diversity Review Committee.
  • 4Ms. Herman previously chaired an independent Task Force monitoring the company's compliance with a discrimination lawsuit settlement.
  • 5The Task Force's fifth and final report was submitted in December 2006.
  • 6In 2006, Ms. Herman received $125,000 for her Task Force chairperson role.
  • 7In 2006, New Ventures (chaired by Ms. Herman) received approximately $75,000 for administrative expenses related to the Task Force.

Frequently Asked Questions

Alexis M. Herman is the former U.S. Secretary of Labor. She was appointed as a Director to The Coca-Cola Company's Board of Directors due to her extensive experience, particularly her recent role as chairperson of the independent Task Force that monitored the company's compliance with a discrimination lawsuit settlement. Her appointment is expected to bring valuable insights into human resources and diversity.

Ms. Herman chaired a seven-person independent Task Force appointed to monitor the company's adherence to terms of a November 2000 discrimination lawsuit settlement. The Task Force worked with the company to improve human resources programs and assessed progress on initiatives. Her final report was submitted in December 2006.

Yes, the court order required the company to compensate Task Force members. In 2006, Ms. Herman was paid $125,000 for her work as chairperson. Additionally, in 2006, New Ventures, an entity where Ms. Herman serves as Chair and CEO, received approximately $75,000 for administrative and travel expenses incurred in relation to her Task Force duties.

The appointment of Ms. Herman, with her background in labor and her recent oversight role concerning diversity and human resources compliance, suggests a continued focus on these areas. It may indicate the company's commitment to strengthening its human resources practices and diversity initiatives.