SWITZERLAND – Coca‑Cola HBC has announced that Michalis Imellos, the company’s Chief Financial Officer, will be stepping down from the role at the end of the first quarter of 2021 after 12 years of working with the soft-drink manufacturer.

The Coca-Cola bottler said that Imellos will continue in his role until his successor has been appointed and then remain with the Company during a transition period.

“On behalf of everyone at Coca‑Cola HBC, I would like to thank Michalis for his strong commitment and valuable contributions to the Company,” Zoran Bogdanovic, CEO of Coca‑Cola HBC said in a statement while announcing the development.

“In the last eight years as Group CFO, Michalis has been instrumental in shaping and implementing key strategic decisions and initiatives that successfully navigated Coca‑Cola HBC through periods of challenge and growth, while building a robust balance sheet and a strong team.

“I am grateful for his support and partnership since my taking over as CEO and I am pleased that he will remain with the Company to ensure a smooth transition.

The company noted that it is conducting a search for its next CFO and is considering internal and external candidates, and an announcement will be made in due course.

Michalis Imellos, CFO of Coca‑Cola HBC said: It has been a privilege to be part of the Coca‑Cola HBC success for the past 12 years. I am grateful to the talented people I worked with and proud of our achievements throughout these years.

“I am committed to facilitating a handover and transition that will ensure that Coca‑Cola HBC continues to capture the exciting opportunities ahead, from a position of strength.”

Under Michalis’ leadership as CFO, Coca-Cola HBC has made several key strategies acquisitions. The company recently acquired Italian natural mineral water and sparkling beverage company, Lurisia for US$97 million to expand its beverage portfolio.

The late 2019 acquisition followed the company’s acquisition of Bambi, Serbia’s leading confectionery brand for an enterprise value of about €260 million. The acquisition closed in June 2019.

Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE