Coca-Cola announced it is appointing Gehring, currently CEO of Monster Beverage's Americas division, as president of its North America business unit, effective December 1. Following the move, Monster Beverage shares fell to $41.91, down $1.21 or 2.80%. Analysts called the unexpected appointment "somewhat negative for Monster," noting that Gehring had been seen as the leading candidate to succeed the highly regarded current CEO, Schlosberg. Monster said Chief Strategy Officer Tire will serve as interim CEO of the Americas division. Monster shares are down 16% from their July 16 high and up 9.3% year to date, trailing the S&P 500's 12% gain over the same period.
Monster Beverage CorpMonster loses Americas CEO Gehring to Coca-Cola, and analysts call the unexpected departure 'somewhat negative for Monster' given he was seen as the CEO successor.
The Coca-Cola CompanyCoca-Cola appoints Monster's Americas CEO Gehring to lead its North America unit; no clear financial driver stated for Coca-Cola.
