Summary
The Coca-Cola Company has announced a significant leadership change with the departure of Alfredo Rivera, President of the North America Operating Unit, effective December 31, 2022. Mr. Rivera will transition to a senior advisor role until March 31, 2023, to ensure a smooth handover. This transition marks the end of an era for a key executive within the company's largest operating unit. Investors should note the terms of Mr. Rivera's separation agreement, which outline his severance benefits, including eligibility for pro-rated annual incentives for 2022 and the first three months of 2023, provided he remains employed through the specified dates. His outstanding long-term incentive awards will be handled according to existing plan terms, and he will receive accrued retirement benefits. The company has also furnished a press release detailing this announcement.
Key Highlights
- 1Alfredo Rivera, President of North America Operating Unit, is departing the company.
- 2Mr. Rivera's last day as President is December 31, 2022.
- 3He will serve as a senior advisor to the company until March 31, 2023.
- 4Mr. Rivera is eligible for a pro-rated 2022 annual incentive award if he stays through December 31, 2022.
- 5He is also eligible for a pro-rated 2023 annual incentive award (for three months) if he stays through March 31, 2023.
- 6Outstanding long-term incentive awards will be treated per existing plan terms.
- 7Mr. Rivera will receive accrued and vested retirement benefits.