The board of directors of The Coca-Cola Company has approved the company’s 58th consecutive annual dividend increase, raising the quarterly dividend 2.5% from 40 cents to 41 cents per common share.
The quarterly dividend is equivalent to an annual dividend of US$1.64 per share, up from US$1.60 per share in 2019. The first quarter dividend is payable April 1, 2020, to shareowners of record as of March 16, 2020.
The company returned US$6.8bn in dividends to shareowners in 2019, bringing the total amount given back to shareowners through dividends since January 1, 2010, to US$54.9bn.
The board also elected Kathy Loveless as vice president and controller, effective March 1. Most recently, Loveless has served as chief of staff to executive vice president and CFO John Murphy.
Loveless joined the Coca-Cola system in 1988 as a treasury accountant. She later moved to the controller’s group and assumed various roles of increasing responsibility. After leading the company’s Global Capital Management team, she spent eight years as the primary finance lead for various operations in Europe and Asia.
Loveless returned to the US in 2004 to lead Global Planning. In 2007, she became vice president of finance for Coca-Cola Limited in Canada, followed by a role as vice president and CFO of Coca-Cola Refreshments Canada.
Loveless moved back to the US in 2013. She held various roles, including support for the company’s refranchising of North American bottling operations and finance lead for the Venturing & Emerging Brands unit of Coca-Cola North America.
Loveless succeeds Larry M. Mark, who will become vice president, global finance operations, providing financial and analytical support to president and chief operating officer Brian Smith. Mark will continue to report to Murphy.
Mark, who joined Coca-Cola in 1991, has served as the company’s controller for nearly six years. Mark’s career includes previous roles as CFO for Coca-Cola North America; CFO for Coca-Cola Europe; and vice president of finance for North America’s Foodservice and Hospitality Division. He was also the company’s director of Investor Relations.
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