Boston, MA 02/26/2014 (wallstreetpr) – The Coca-Cola Company (NYSE:KO) which recently announced that it would boost its advertisement spending in order to accelerate rates of soda, has also announced that its EVP and chief financial officer will retire from the company after 20 years of service. Gary Fayad, an accomplished Coca-Cola executive has been synonymous with the success at the Sprite-maker. During his tenure KO had its revenue more than doubled in 2013 to hit $47 billion. It was also during his time as CFO that KO made one of its biggest acquisitions in history. That was the $12 billion takeover of Coca-Cola Enterprises North America. As if that is not enough, Fayad oversaw big return to shareholders during his tenure, whereby the company spent more than $74 billion in repurchasing shares and paying out dividends over the past 14 years. Perhaps one of his greatest highlights at KO was his three times naming as the best CFO by institutional investors in beverage industry. The Coca-Cola Company (NYSE:KO) was last seen trading shares around $37.77 after attaining 0.72 percent boost to market value.
Vale SA (ADR) (NYSE:VALE) may have discovered a way to deal with the ban on its large vessels in China. The company is reported to be planning to launch in March, the first phase of iron ore storage and distribution station in Malaysia. This move will hopefully help VALE improve its access to China where it has its biggest customers. Moreover, the Malaysian terminals with be an important platform for VALE to better take on Australian rivals BHP Billiton and Rio Tinto. Beijing banned the bid VALE ships in 2012, ostensibly to protect its domestic shippers. But setting up a storage base in Malaysia will be an important step towards improving business in China without stepping on the toes of Beijing. Vale SA (ADR) (NYSE:VALE) stock lost 3.34 percent to attain $13.90 per share in the previous session.
General Motors Company (NYSE:GM) is recalling more cars and models than earlier announced. The company has now issued recall notice for additional 842,000 small cars, on top of the earlier announced roughly 780,000 cars. Thus, GM recalls for fixing problem with ignition switch in about 1.6 million cars. In addition to the Chevy Cobalt and Pontiac G5 in the earlier recall list, the company has added Pontiac Solstice, Chevrolet HHR SUVs, Saturn Sky sports and Saturn Ion compacts. The move to increase the amount of vehicles being recalled came a day after media published reports that the company abandoned the earlier list of cars earmarked for ignition switch recall and instead issued recall notices on just a fraction of the cars. In the latest move, General Motors Company (NYSE:GM) also linked more deaths to the faulty ignition system.
