Coca-Cola is preparing to sell its bottling business under Hindustan Coca-Cola Beverages (HCCB). However, as the soft-drink giant prepares for the sell-off, around a dozen of its senior officials have resigned from HCCB in the last few months, a report published in The Economic Times (ET) said.
Eleven senior executives that left HCCB were either directly reporting to the CEO Juan Pabli Rodriguez or were serving the company at the level of vice-presidents. The list of officials who resigned includes Neil Comerford who was executive director (ED) of the sales and commercial department, ED, HR Indrajeet Sengupta, among others, the report said.
An HCCB representative told the newspaper, "We respect that various individuals have left HCCB for personal or professional reasons and we have consolidated our leadership with experienced diverse talent." The spokesperson added that HCCB is gathering capabilities and strengthening its processes.
HCCB operates 16 bottling plants in the country. In addition to HCCB, Coca-Cola has various other bottling partners to facilitate the manufacturing and distribution of its beverages.
In the financial year 2021-22 (FY22), HCCB reported a net profit of Rs 357.4 crore. The company's total standalone income stood at Rs 9,147.74 crore in FY22 which was up 30.6 per cent year-on-year.
India is the fifth largest market for Coca-Cola in the world and remains a top priority. It sells brands like Coke, Sprite, and Thums Up among other offerings.
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The sales of soft drinks gathered a renewed momentum after Covid-19-related restrictions on restaurants and shopping malls were lifted. The sales were further supported by the hot summer season.