Share of Coca Cola HBC Rally as Board Confirms Succession Plan Initiated After Unexpected Death of CEO

Coca Cola HBC, an FTSE 100 bottling firm, announced that it has begun a succession process following the unexpected death of its chief executive in October.

Dimitris Lois, the company’s CEO, passed away early last month, just weeks after announcing that he was temporarily stepping down due to medical reasons.

Michalis Imellos, the company’s CFO who has been serving as the acting CEO since Lois went on medical leave, will stay in the position as CEO for the time being. The board said that it had a succession plan for the permanent position and that the process was initiated.

The said announcement was made during a third-quarter update, in which the group stated that it had achieved a revenue growth of six percent.

Shares of the company were up 1.1 percent today.

The company, which is a leading bottler of products of Coca-Cola across Europe and currently Nigeria, raised volumes and revenue per case during the period.

“We are very pleased with the strong revenue delivery in the quarter, well balanced between broad-based volume growth and substantial price/mix improvement,” said Imellos. “We go into the final quarter encouraged by our progress and confident in delivering on our expectations for the full year.”