Coke CEO Roberto C. Goizueta dies at 65
He coined 'Coke Is It!'
October 18, 1997
Web posted at: 11:07 a.m. EDT (1507 GMT)
ATLANTA (CNN) -- Coca-Cola Chairman Roberto C. Goizueta, a
Cuban immigrant who worked his way through the corporate
ranks to head one of the world's best-known companies, died
Saturday of cancer-related causes. He was 65.
Goizueta had been in critical condition all week at Atlanta's
Emory University Hospital with a throat infection related to
treatments for lung cancer.
On Thursday, he missed his first board meeting since becoming
chairman of the soft drink giant 16 years ago.
Under Goizueta's leadership, the value of Coca-Cola's stock increased by more than 7,200 percent.
Goizueta, a heavy smoker, was hospitalized September 6 after
being diagnosed with lung cancer, and began chemotherapy and
radiation treatments. He was released September 22, and
continued the regimen, but was rehospitalized last Tuesday
with the throat infection.
During his tenure at Coke, Goizueta turned around what some
business analysts once called an old, conservative company by
emphasizing global sales and making moves never seen by the
His motto: return on investment and stock price.
"The curse of all curses is the revenue line," he once said,
referring to the need to be profitable.
And fortunate for him and Coke investors, Goizueta's company
was just that. Since becoming CEO in 1981, he created more
wealth for shareholders than any other CEO in history,
largely due to his global marketing skills. Total return on
Coke stock was more than 7,100 percent during his tenure,
according to analysts.
A $1,000 investment in Coca-Cola when Goizueta took the top
job would be worth about $71,000 today, including reinvested
He owned nearly 16 million Coke shares worth roughly $1
billion, making him America's first corporate manager to
achieve billionaire status through owning stock in a company
he didn't help found or take public, business analysts said.
Goizueta had not cashed in a share of his Coke stock in more
than two decades. Close friends said he had not sipped a
Pepsi, Coke's No. 1 rival, in more than 10 years.
M. Douglas Ivester, 50, has been viewed as Goizueta's likely
successor since becoming the company's No. 2 executive three
Answered a classified ad
Goizueta was born in Havana on November 18, 1931, to a
prominent family in Cuba's sugar industry, and studied at a
private academy in Connecticut. There, he polished his
limited English by watching the same movies over and over.
He earned a degree in chemical engineering at Yale
University, then returned home in 1953 to join the family
enterprise. But a year later, he entered the soda business by
answering a classified advertisement in a Havana newspaper.
"I came across a want ad in the paper -- American company
asking for bilingual chemical engineer or chemist," he once
said in a CNN interview.
After Fidel Castro came to power, Goizueta, his
wife Olga and their three children left their Cuban
possessions behind and moved to the United States, where they
settled in Miami in 1960. Goizueta continued to work for
Coke's Latin American operations, then moved to company
headquarters in Atlanta in 1964.
"Once you lose everything, what's the worst that's going to
happen to you? You develop a self-assurance," Goizueta once
Working his way up from technical operations, he cultivated a
close relationship with Robert Woodruff, who had revitalized
the company after taking over in 1923 and who remained its
key power broker six decades later.
Known within the company for dogged work, leaving a clean
desk each night and impeccable clothes, Goizueta was named
a vice chairman in 1979.
Woodruff and others on Coke's board, feeling the company was
underperforming financially and had become sluggish, moved
Goizueta into the presidency in 1980, and on to chairman of
the board and chief executive officer on March 1, 1981.
Transforming the world of Coke
Goizueta thought Coke had become "too conservative," he said
in a 1986 interview. "It took us a little bit longer to
change than it should have. The world was changing, and we
were not changing with the world."
He arranged a retreat for company executives and presented a
"strategy for the '80s." He promised no cow would be sacred:
"We're going to take risks."
The new CEO immersed himself in the company's accounting and
economics. With a new, punchy advertising slogan, "Coke Is
It!" he successfully increased domestic sales while
continuing to plumb new international markets.
But Goizueta also was responsible for launching New Coke,
which he called "the boldest single marketing move in the
history of the consumer goods business." The new soda
eventually led to protests on city streets as Coke faithful
demanded a return of the sweet, caffeinated cola they had
come to love.
Coke rebounded by resurrecting the original formula and
naming it "Classic" coke.
"Roberto was a man of incomparable wisdom, vision and
compassion," said James B. Williams, chairman and chief
executive officer of Sun Trust Bank and a member of Coca-
Cola's board of directors. "Those qualities benefited not
only the company, but the community as well. Roberto was my
friend and neighbor, and I will miss him greatly."