Roberto Goizueta's Death and Coca-Cola's Troubled 1997 Succession (1997)
Roberto Goizueta, who had transformed Coca-Cola from a $4 billion company to a $150 billion giant over 16 years, died suddenly from lung cancer. His handpicked successor Doug Ivester had been groomed for a decade but was thrust into sole leadership sooner than planned.
Ivester became CEO immediately but struggled without Goizueta's guidance. He resigned within two years after a Polish tax scandal and miscalculations in Russia.
Coca-Cola cycled through four CEOs in the decade after Goizueta—Ivester, Daft, Isdell, and Kent—before finding stability. The experience shaped the board's emphasis on thorough succession planning.
The Braun succession represents deliberate planning to avoid another Ivester situation. Unlike 1997's abrupt transition, Quincey will remain as Executive Chairman for continuity, and Braun spent years as COO preparing for the role.