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New Coke chairman named
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October 23, 1997: 2:58 p.m. ET
Douglas Ivester, Goizueta's handpicked successor, assumes post
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NEW YORK (CNNfn) - Coca-Cola Co. on Thursday elected M. Douglas Ivester as its new chairman and CEO, succeeding Roberto Goizueta, who died Saturday.
The appointment of Ivester, who has been president and COO of Coke since 1994, had been widely expected. Ivester was handpicked by Goizueta to succeed him.
Goizueta succumbed to lung cancer over the weekend at age 65.
After a special meeting at the company's Atlanta, Ga. headquarters, Ivester paid tribute Thursday to the man he will succeed.
"We all owe, and I especially owe, a huge debt of gratitude to the man who steered this company to phenomenal success over the past 16 years," said Ivester.
Ivester, 50, will become the 10th chairman in the company's history. He joined Coke in 1979 as an assistant controller and in the ensuing years served as chief financial officer and president of the company's European and North American operations.
Coke (KO) said it did not yet know who will succeed Ivester as president and COO.
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Coca Cola
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