Coke To Cut Up To 2,000 Jobs

The Wall Street Journal, citing people familiar with the matter, has reported that Coca-Cola Co plans to cut 1,000-2,000 jobs globally in the coming weeks.

Coke To Cut Up To 2,000 Jobs

According to the Journal, the job cuts are part of Coke’s $3 billion cost cutting program that was announced by it in October after the company posted a 14 percent drop in third-quarter profits. The Wall Street Journal added job-cut notices will go out to North American staffers by January 8 and international employees will be given a timeline for job cuts by January 15.

The newspaper added the impact is expected to be dramatic at Coke’s headquarters in Atlanta and global regional offices, where more than 10 percent of corporate staff may lose their jobs. It added Coke’s bottling and distribution divisions are largely out of the firing line for now.

A Coke spokeswoman said the company was still figuring out how many jobs it would cut and employees in some eliminated positions may be allowed to apply for other jobs in the company.

Coke raised its cost-savings target in October to $3 billion by 2019 from $1 billion announced in February.

Last week, Wintergreen Advisers, a minority shareholder of Coke, called for the replacement of Chief Executive Muhtar Kent, calling him “incapable of leading Coke’s turnaround”.

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