Coca-Cola Amatil announces Wal King and chairman David Gonski's retirement

By @mik_mapa on
Coca-Cola
Bottles of Coca-Cola are displayed in a shop in Paris, France, April 11, 2016. Reuters/Philippe Wojazer

Coca-Cola Amatil has announced that four boardroom directors would retire in their position. The former Leighton Holding boss Wal King was included in the set of retiring directors who would leave in May as part of the renewal process within the board. Chairman David Gonski will step down in his role and will be replaced by Ilana Atlas.

Tony Froggatt and David Meiklejohn would also step down in their role. The retirement came after new directors were added to the board including Mark Johnson, Virgin Australia boss John Borghetti and former Optus boss Paul O'Sullivan. The company planned to add non-executive director that would be appointed in 2017. However, re-election would be implemented in 2018.

Coca-Cola Amatil directors were known to serve the company longer than other directors of other publicly-listed companies. Gonski joined the board in 1997 as the Chairman of the Related Party Committee and Nominations Committee and a member of Audit & Risk Committee, People Committee and Sustain. He was Wentworth Associated corporate adviser and co-founder after working as a solicitor for 10 years with Freehills' law firm.

Meiklejohn joined the board in 2005 as the Chairman of the Audit & Risk Committee and member of the Nominations Committee, Related Party Committee and Sustainability Committee. He has a strong background in finance and financial management and served Amcor Limited for 19 years.

Froggatt joined the board in 2010 as the Chairman of the People committee member of the Audit & Risk Committee, Related Party Committee and Nominations Committee. Froggatt has an extensive knowledge and experience in global business and brand development for both developing and matured markets. He served various senior management positions in companies including The Gilette Company, Seagram Spirits & Wine Group, H J Heinz and Diageo plc.

King joined the board in 2002 as the Member of the Related Party Committee, Nominations Committee and Sustainability. He was the former chief executive officer of Leighton Holdings Limited from 1987 to 2010.

In February, Coca-Cola Amatil announced that it would close its manufacturing facility in Thebarton, South Australia leaving 180 employees and contractors jobless. Group managing director Alison Watkins said that redeployment of some permanent positions would be implemented. She announced that assistance would be provided to each employee for finding new positions. Personal support and financial counselling were provided. The company planned to keep its distribution, warehousing and equipment servicing facility. The company said that Thebarton's closure would help the company to deliver $20 million cost savings from 2020.