Thread regarding Coca-Cola Co. layoffs

KO Layoffs Coverage - The Wall Street Journal (Aug 2020)

Coca-Cola Co. KO 3.32%▲ said it planned to lay off some employees and offer voluntary separations, affecting thousands at the company, as it reorganizes its segments in a reorientation of beverage strategy.

The beverage giant said on Friday that it is offering initial voluntary-separation packages to about 4,000 employees in the U.S., including Puerto Rico, and Canada who have a most-recent hire date on or before Sept. 1, 2017. Coca-Cola said it is also pursuing a similar move abroad.

The company didn’t specify the total number of employees it plans to let go, and a Coca-Cola spokesman declined to comment on the anticipated layoffs. It had more than 86,000 employees world-wide as of the end of last year, according to its annual securities filing. About 10,000 of those were employees in the U.S., it said.

The Atlanta company said it plans to establish nine new operating units under four geographical segments. Coca-Cola currently has 17 business units under four geographical segments, plus global ventures and bottling investments.

The reorganization comes as the company weathers the Covid-19 pandemic.

The company said it expects overall severance programs to incur expenses of $350 million to $550 million.

Coca-Cola said it was reinforcing leadership in five marketing categories: Coca-Cola; sparkling flavors; hydration, sports, coffee and tea; nutrition, juice, milk and plant; and emerging categories.

“The changes in our operating model will shift our marketing to drive more growth,” Chairman and Chief Executive James Quincey said.

In July, Coca-Cola reported a 28% drop in quarterly sales as restaurant and bar closures sapped demand. But executives said they believed the biggest challenges of the pandemic were behind it, despite the current surge in coronavirus cases in many parts of the U.S. Its sales improved in May and June as shelter-in-place measures eased around the world.

Coca-Cola’s workforce has declined over the years as the company spun off many of its bottling operations and reduced corporate staff. In 2017, the company said it would eliminate about 20% of corporate staff as part of a long-running cost-cutting program.

SOURCE:
https://archive.is/NRJHK#selection-2197.0-2270.0

by
| 2140 views | | 3 replies (last )
Post ID: @OP+16GSMRRP

3 replies (most recent on top)

Del Buser (retired) told me still had some friends way up on food chain and that 4K was initial estimates but would go as high as twice that many

by
|
Post ID: @ieov+16GSMRRP

Has anything happened on the ground yet? Any news?

by
|
Post ID: @4ckl+16GSMRRP

Why no Coca Cola employees are commenting on this? This is huge!

by
|
Post ID: @2kbg+16GSMRRP

Post a reply

: