The Coca-Cola Company today named J. Michael Luttig, former U.S.
federal judge and general counsel for The Boeing Co., to serve as
counselor and special advisor to the company and its board of
directors.
Judge Luttig will advise the company and its board of directors
on tax matters, with particular focus on the company’s ongoing
litigation with the U.S. Internal Revenue Service. The company
intends to vigorously defend its position and consider all avenues,
including appealing any ultimate decision.
Judge Luttig served on the U.S. Court of Appeals for the Fourth
Circuit for 15 years, from 1991 to 2006. He is one of the most
distinguished judges to serve on the Federal Bench and is
recognized as one of the finest legal minds in the country.
“As a former federal judge, longtime corporate general counsel,
and U.S. Department of Justice and White House official, Judge
Luttig has unrivaled experience with complex legal matters,” said
James Quincey, chairman and CEO of The Coca-Cola Company. “Judge
Luttig will provide counsel to our company as we continue to
vigorously defend our position in the litigation with the Internal
Revenue Service. His perspective will be invaluable on the
company’s pending tax matter.”
Judge Luttig said, “I am honored to advise The Coca-Cola
Company, an American icon.”
Judge Luttig provided the following statement with respect to
the company’s tax case with the IRS:
“American companies cannot run their
businesses with the uncertainty of the retroactive application of
newly minted IRS tax policies to prior tax years that are contrary
to the IRS' own previously approved policies and then be required
to pay billions of dollars in unanticipated increased taxes that
result from the retroactive application of these new tax
policies.
“For 20 years, The Coca-Cola Company reported
U.S. taxable income from its non-U.S. operations under a
methodology agreed to by the IRS and repeatedly audited and
approved by the IRS. In an abrupt departure from its established
position long after the tax years in question, the IRS reversed its
position, disapproved that approved methodology, required a new tax
calculation methodology, and now seeks to impose a retroactive tax
increase on the company for past tax years.
“I would expect the federal courts to
appreciate the inappropriateness of the IRS’ new methodology for
calculating The Coca-Cola Company’s taxes, in addition to the
fundamental unfairness of the IRS’ belated demand that the company
retroactively pay billions of dollars in taxes beyond those
calculated and paid by the company in accordance with IRS-approved
tax methodology.”
Judge Luttig begins his engagement with Coca-Cola Jan. 6.
Luttig, 66, most recently served as counselor and senior advisor
to the Boeing CEO and board of directors. Luttig served as Boeing’s
general counsel from 2006 to 2019.
Luttig joined Boeing after 15 years on the U.S. Court of Appeals
for the Fourth Circuit. Before he was appointed to the federal
bench by President George H.W. Bush, he served as assistant
attorney general at the U.S. Department of Justice and counselor to
the attorney general of the United States. He was assistant counsel
to the President at The White House from 1981 to 1982 under
President Ronald Reagan. From 1982 to 1983, he was a law clerk to
then-Judge Antonin Scalia of the U.S. Court of Appeals for the
District of Columbia Circuit. From 1983 to 1985, he served as a law
clerk and then special assistant to the chief justice of the United
States.
A native of Texas, Luttig earned his bachelor of arts degree
from Washington and Lee University and his law degree from the
University of Virginia.
Forward-Looking
Statements
This press release may contain statements, estimates or
projections that constitute “forward-looking statements” as defined
under U.S. federal securities laws. Generally, the words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and
similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause The
Coca-Cola Company’s actual results to differ materially from its
historical experience and our present expectations or projections.
These risks include, but are not limited to, increases in income
tax rates, changes in income tax laws or unfavorable resolution of
tax matters, including our current tax dispute with the U.S.
Internal Revenue Service and the likelihood of success of such
dispute or any related disputes; litigation or legal proceedings;
and other risks discussed in our filings with the SEC, including
our Annual Report on Form 10-K for the year ended December 31, 2019
and our subsequently filed Quarterly Reports on Form 10-Q, which
filings are available from the SEC. You should not place undue
reliance on forward-looking statements, which speak only at the
date they are made. We undertake no obligation to publicly update
or revise any forward-looking statements.
About The Coca-Cola
Company
The Coca-Cola Company (NYSE: KO) is a total beverage company
with products sold in more than 200 countries and territories. Our
company’s purpose is to refresh the world and make a difference.
Our portfolio of brands includes Coca-Cola, Sprite, Fanta and other
sparkling soft drinks. Our hydration, sports, coffee and tea brands
include Dasani, smartwater, vitaminwater, Topo Chico, Powerade,
Costa, Georgia, Gold Peak, Honest and Ayataka. Our nutrition,
juice, dairy and plant-based beverage brands include Minute Maid,
Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly
transforming our portfolio, from reducing sugar in our drinks to
bringing innovative new products to market. We seek to positively
impact people’s lives, communities and the planet through water
replenishment, packaging recycling, sustainable sourcing practices
and carbon emissions reductions across our value chain. Together
with our bottling partners, we employ more than 700,000 people,
helping bring economic opportunity to local communities worldwide.
Learn more at www.coca-colacompany.com and follow us on Twitter,
Instagram, Facebook and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20210106005215/en/
Investors and Analysts: Tim
Leveridge, koinvestorrelations@coca-cola.com Media: Scott Leith, sleith@coca-cola.com
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