The Coca-Cola Company announced key changes in top leadership, including the election of a new president and chief operating officer and a succession plan for the chief financial officer. The board of directors has elected Brian Smith to serve as president and COO, effective Jan. 1, 2019.

He will report to James Quincey, the company's CEO. Smith is a 21-year Coca-Cola veteran who currently serves as president of the company's Europe, Middle East and Africa group. The appointment of a president and COO will allow Quincey, who has served as CEO since May 2017 and is a member of the board of directors, to focus on the overall long-term strategic direction and success of the company. John Murphy, who currently serves as president of the company's Asia Pacific group, will become senior vice president and deputy CFO on Jan. 1, 2019. He will be elevated to executive vice president and CFO on March 16, 2019, following the retirement of Kathy Waller.

The company also announced that Nancy Quan has been elected senior vice president and appointed Chief Technical Officer, effective Jan. 1, 2019, reporting to Quincey. She currently serves as a vice president for the company and Chief Technical Officer for Coca-Cola North America.