Marketing Industry Alert: Coca-Cola Names New CMO Beginning January 1
Last week beverage giant, the Coca-Cola Company, announced that long-time Chief Marketing Officer, Joe Tripodi will step down and retire from the Company in February 2015. Beginning on January 1, 2015 Marcos De Quinto will succeed Tripodi as CMO.
While Tripodi was highly regarded for launching one of the most successful global ad campaigns, De Quinto’s vast global Coca-Cola experience paired with his outspoken dedication to the Company will likely lead to a new direction in strategy for the Company’s marketing group.
De Quinto currently serves as the Company’s President of the Iberia Business Unit & Vice President of the Europe Group.
Strong Operational Experience
“Although Marcos’ DNA is that of a marketer, he has held a number of leadership roles throughout his career and he will bring a global view with strong operational experience to this key role. Through Marcos’ leadership, the Iberia Business Unit has become one of our best marketing centers of excellence worldwide,” said Muhtar Kent, Chairman and CEO. “Our global marketing organization will benefit greatly from Marcos’ proven track record of success and his unique combination of world-class operational and marketing expertise.”
“Over his tenure with Coca-Cola, Marcos has been known for his ardent passion for our brands, our business and our system, as well as his strategic capabilities,” said Kent.
Fighting Horizontal Soda Sales
In addition to announcing the change in marketing leadership, Coca-Cola said that it plans to slash costs by more than $3 billion a year, and reinvest the saved money into the marketing department. With the Company facing growing competition from smaller beverage companies, and increased health concerns associated with consuming sugary drinks, Coca-Cola acknowledges that in order to boost sales, they must change their strategy and increase marketing spending.
“Our business responds to marketing,” said Kent.
CMO and CIO Working Together
Over the past few years DiscoverOrg has seen a changing dynamic between the CMO and the CIO within large companies. Recently, we’ve seen their priorities and goals continue to converge, and the departments beginning to overlap and collaborate. Accenture found in their 2014 survey that both top IT and marketing execs agree that the top five Marketing IT priorities are: customer experience, customer analytics, social media, corporate website, and other web application development.
As Coca-Cola works to increase their market share and battle growing competition, the marketing department is likely to shake things up beginning in Q1, 2015. DiscoverOrg has found that C-Level executives spend a large portion of their budget within their first three months of tenure. While Coca-Cola is looking for ways to boost sales and revamp their marketing, De Quinto will be open to your call.
Our research shows that the first person in the door wins the business over 60% of the time. Stay on top of leadership changes of Coca-Cola and the Marketing departments of your targeted accounts with the new Marketing Dataset from DiscoverOrg.
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