SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the recently announced organizational changes by The Coca-Cola Company (“TCCC”), TCCC has replaced Ms. Kathleen E. Ciaramello with Mr. James L. Dinkins as the designee of European Refreshments (“ER”), an indirect wholly owned subsidiary of TCCC, to the Board of Directors (the “Board”) of Monster Beverage Corporation (the “Company”), effective as of November 1, 2020.
Ms. Ciaramello has been the ER designee to the Board since June 2019 and, on October 26, 2020, Ms. Ciaramello informed the Company of her intention to resign from Board, effective as of November 1, 2020. Ms. Ciaramello noted that her resignation is not as a result of any disagreement with the Company, its management, the Board or any committee of the Board.
Mr. Dinkins will be the new ER designee to the Board and, on October 28, 2020, the Board elected Mr. Dinkins to serve as a director of the Company, effective as of November 1, 2020. Mr. Dinkins will receive customary fees and equity awards from the Company for serving as a director in accordance with the Company’s non-employee director compensation program.
Additional information on Mr. Dinkins is provided below:
James L. Dinkins—Senior Vice President and Senior Advisor of TCCC. Director of Coca-Cola FEMSA, S.A.B. de C.V. since 2020. Mr. Dinkins joined TCCC in 1988, serving in various account management, marketing and bottler franchise leadership roles with Coca-Cola USA until June 1999. He rejoined TCCC in August 2002 and held positions of increasing responsibility in Coca-Cola North America, including Chief Retail Sales Officer and President of the Minute Maid Business Unit. Mr. Dinkins was appointed President of Coca-Cola North America and elected Senior Vice President of TCCC effective January 1, 2018 until August 2020. Mr. Dinkins also serves on the board of governors of the Boys & Girls Clubs of America and is a trustee of The University of Georgia Foundation and Morehouse College. Mr. Dinkins has substantial business and leadership experience in the beverage industry.
A copy of the Company’s press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
|Exhibit 99.1||Press Release dated October 30, 2020.|
|Exhibit 104||The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Monster Beverage Corporation|
|Date: October 30, 2020||/s/ Hilton H. Schlosberg|
|Hilton H. Schlosberg|
|Vice Chairman of the Board of Directors,|
|President and Chief Financial Officer|
|2945 Townsgate Road, Suite 200|
|Westlake Village, CA 91361|
|Investor Relations||T (310) 279 5980|
|Strategic Public Relations||W www.pondel.com|
|CONTACTS:||Rodney C. Sacks|
|Chairman and Chief Executive Officer|
|Hilton H. Schlosberg|
|Roger S. Pondel / Judy Lin Sfetcu|
MONSTER BEVERAGE ANNOUNCES JAMES DINKINS AS NEW DIRECTOR,
FOLLOWING REPLACEMENT IN DESIGNEE OF THE COCA-COLA COMPANY
Corona, CA – October 30, 2020 – Monster Beverage Corporation (NASDAQ:MNST) today announced that James L. Dinkins will join its board of directors as the new designee of European Refreshments (an indirect wholly-owned subsidiary of The Coca-Cola Company) to the Company’s board. Dinkins succeeds Kathleen E. Ciaramello, who will be leaving the Company’s board, effective November 1, 2020, having served since June 2019. This change is in connection with The Coca-Cola Company’s recently announced organizational changes.
Dinkins is currently Senior Vice President and Senior Advisor of The Coca-Cola Company, and has been a director of Coca-Cola FEMSA, S.A.B. de C.V. since 2020. He joined The Coca-Cola Company in 1988, serving in various account management, marketing and bottler franchise leadership roles with Coca-Cola USA until June 1999. He rejoined The Coca-Cola Company in August 2002 and held positions of increasing responsibility in Coca-Cola North America, including Chief Retail Sales Officer and President of the Minute Maid Business Unit.
Dinkins was appointed President of Coca-Cola North America and elected Senior Vice President of The Coca-Cola Company effective January 1, 2018 until August 2020. He also serves on the board of governors of the Boys & Girls Clubs of America and is a trustee of The University of Georgia Foundation and Morehouse College.
Monster Beverage Corporation
Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries develop and market energy drinks, including Monster Energy® energy drinks, Monster Energy Ultra® energy drinks, Monster MAXX® maximum strength energy drinks, Java Monster® non-carbonated coffee + energy drinks, Espresso Monster® non-carbonated espresso + energy drinks, Monster Rehab® non-carbonated tea + energy drinks, Muscle Monster® non-carbonated energy shakes, Monster Hydro® non-carbonated refreshment + energy drinks, Monster HydroSport Super Fuel® non-carbonated advanced hydration + energy drinks, Monster Dragon Tea® non-carbonated energy teas, Reign Total Body Fuel® high performance energy drinks, Reign Inferno® thermogenic fuel high performance energy drinks, NOS® energy drinks, Full Throttle® energy drinks, Burn® energy drinks, Samurai® energy drinks, Relentless® energy drinks, Mother® energy drinks, Play® and Power Play® (stylized) energy drinks, BU® energy drinks, Nalu® energy drinks, BPM® energy drinks, Gladiator® energy drinks, Ultra Energy® energy drinks, Live+® energy drinks, Predator® energy drinks and Fury® energy drinks. For more information, visit www.monsterbevcorp.com.
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