Following David Gonski’s last annual general meeting as Coca-Cola Amatil Chairman, more changes have been announced to the CCA board.
Gonski revealed in February that he would be stepping down from the board after almost 20 years and handing the chair to Ilana Atlas.
Three other non-executive Directors – Wal King, David Meiklejohn and Tony Froggatt – also indicated they would retire from the board, effective from the conclusion of the AGM.
Yesterday, Group Company Secretary and Corporate Counsel Katie Newton-John announced her resignation, effective Friday, May 19, 2017.
Gonski thanked Newton-John for her extensive and invaluable contribution to Amatil over many years, including as Deputy Company Secretary since July 2012 and Group Company Secretary and Corporate Counsel since January 2016.
Group General Counsel, Betty Ivanoff, who was appointed additional Company Secretary in September 2016 will continue in this role.
Gonski’s parting words for CCA
Gonski told shareholders at his last AGM that the company will need more time to lift its performance.
“So far this year we have experienced weaker than expected trading conditions in Australia, which will impact our performance in 2017.
“We are continuing with our strategies to address these issues – which include rebalancing the portfolio in partnership with The Coca-Cola Company – and we recognise that more time is required for these initiatives to gain traction.”
Managing director Alison Watkins told the meeting: “When we first outlined our strategy in 2014 we were clear that our target was returning the business to mid-single-digit earnings per share growth in the next few years.”
However there has been strong competition in the sector and changes in demand.
“In particular, we experienced price devaluation in sparkling, pressure on our mainstream water brand and bore higher cost of goods sold,” she said.
“We will continue with our plans to respond to the changes in the Australian market. We also know our diversified business portfolio is our strength and can mitigate some of this impact.”
CCA board members
The newly minted board is comprised of:
Ilana Atlas – Chairman, Non-Executive Director (Independent) – Age 62
Alison Watkins – Group Managing Director, Executive Director – Age 53
John Borghetti, AO – Non-Executive Director (Independent) – Age 61
Catherine Brenner – Non-Executive Director (Independent) – Age 45
Martin Jansen – Non-Executive Director (Nominee of The Coca-Cola Company) – Age 57
Mark Johnson – Non-Executive Director (Independent) – Age 58
Paul O’Sullivan – Non-Executive Director (Independent) – Age 57
Krishnakumar Thirumalai – Non-Executive Director (Nominee of The Coca-Cola Company) – Age 57
