Coca-Cola said Tuesday it will be cutting 1,200 jobs later this year as part of an expanded cost-cutting program.
Coca-Cola President James Quincey, who takes over as chief executive of the Atlanta company on May 1, announced the job cuts during the company’s first-quarter earnings call with investors.
“While these changes are difficult, they will allow us to do fewer things” more effectively, said Quincey, who is replacing long-time CEO Muhtar Kent.
Quincey said the job cuts will begin in the second half of 2017 and extend into 2018. He said the job cuts will be part of the company’s efforts to boost savings by about $800 million by 2019 through job cuts, reduced marketing spending, and restructuring some of its operations.
Including the new cost-cutting efforts, Quincey said the company now expects to increase savings from its overall “productivity” plan to result in $3.8 billion in lower costs in coming years, rather than a previously announced total of $3 billion.