Bobby Kotick Will Step Down From Coca-Cola’s Board Of Directors
Kotick will not stand for re-election for Coca-Cola’s board of directors after pressure from shareholders.
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Microsoft’s acquisition of Activision Blizzard will undoubtedly bring some much needed change to the company’s work environment. However, many are surprised that Bobby Kotick still holds his position as CEO even after it was brought to light that he allegedly had full knowledge of the ongoings in the company. While Kotick’s position at Activision Blizzard probably remains only due to some contractual agreements with Microsoft, he will soon step off the Coca-Cola board of directors.
“I have decided not to stand for re-election to The Coca-Cola Company board in order to focus my full attention on Activision Blizzard at this pivotal time as we prepare for our merger with Microsoft,” said Kotick in a statement. “It has been a pleasure and a privilege to serve on the Coca-Cola board for the past 10 years.”
“We appreciate Bobby’s decade of service to our company. We wish him all the best,” said James Quincey, Chairman and CEO of The Coca-Cola Company, in a rather short statement.
While Kotick has said that he will not stand for re-election in order to focus on the merger, Coca-Cola has been facing pressure from shareholders to remove him from the board since December last year. Conservative pressure group National Legal and Policy Center (NLPC) called for Kotick’s removal for “downplaying, ignoring, and/or covering up illicit behavior” at his own company.
The SOC Investment Group, another shareholders group with stakes in Coca-Cola, also called for his removal. “If the Coca-Cola board were to renominate Mr. Kotick, it would directly contravene the company’s clear commitments to mirror the diversity of the communities where we operate, but also to lead and advocate for a better shared future, all while diversity, equity and inclusion are at the heart of our values and our growth strategy and play an important part in our company’s success,” wrote executive director Dieter Waizenegger in a letter to Lead Independent Director and Chair of the Directors and Governance Committee at Coca-Cola, Maria Elena Lagomasino.
After the news that Kotick would not stand for re-election came out, Waizenegger said, “Coca-Cola is better off without Bobby Kotick on its board of directors. Boards are best served when leaders recognize their role in instilling a safe workplace culture. Presiding over a toxic environment rife with harassment, assault, and discrimination is disqualifying for board members at any company. We’re pleased that Coca-Cola will be free to find a suitable replacement.”
Link Source : https://www.thegamer.com/bobby-kotick-will-step-down-from-coca-colas-board-of-directors/