8-KLeadership ChangesExhibits & Filings

COCA COLA CO 8-K Report, Executive Changes (Oct 21, 2008)

Filed October 21, 2008For Securities:KO

Summary

The Coca-Cola Company (KO) announced on October 21, 2008, an important change to its Board of Directors. Effective October 16, 2008, the Board size was expanded to 15 members with the election of Maria Elena Lagomasino, CEO of GenSpring Family Offices, LLC. This appointment brings new expertise to the board, particularly with Ms. Lagomasino's placement on the Committee on Directors and Corporate Governance and the Compensation Committee. Investors should note the compensation structure for Ms. Lagomasino during her initial year of service. She will receive $175,000 in cash compensation, paid quarterly, which is in lieu of participating in the performance component of the Director compensation plan for her first twelve months. After this initial period, she will be subject to the same performance-based compensation as other directors. This filing also indicates the inclusion of a press release regarding this appointment as an exhibit.

Key Highlights

  • 1The Coca-Cola Company (KO) elected Maria Elena Lagomasino as a new Director to its Board.
  • 2The size of the Board of Directors was increased from 14 to 15 members.
  • 3Ms. Lagomasino's appointment is effective October 16, 2008.
  • 4She brings experience as the CEO of GenSpring Family Offices, LLC.
  • 5Ms. Lagomasino has been appointed to the Committee on Directors and Corporate Governance and the Compensation Committee.
  • 6Her initial cash compensation for the first twelve months is $175,000, paid quarterly, foregoing performance-based compensation during this period.
  • 7After the first year, she will participate in the performance component of the Director compensation plan on the same terms as other directors.

Frequently Asked Questions

Maria Elena Lagomasino is the Chief Executive Officer of GenSpring Family Offices, LLC. Her appointment to the Board of Directors of The Coca-Cola Company is intended to bring new perspectives and expertise, and she has been placed on key committees: Directors and Corporate Governance, and Compensation.

For her first twelve months of service, Ms. Lagomasino will receive $175,000 in cash compensation, paid in equal quarterly installments. This cash payment is in lieu of her participation in the performance component of the Director compensation plan during this initial period. After the first year, she will participate in the performance component on the same basis as other directors.

The increase in board size from 14 to 15 members indicates the company's strategic decision to add a new director. This could be to enhance oversight, bring in specific skills, or accommodate growth and evolving governance needs. Ms. Lagomasino's appointment fills this expanded role.