PayPal co-founder Max Levchin joins Coca-Cola board of directors

ATLANTA - The Coca-Cola Company (NYSE:KO) announced Thursday the election of Max Levchin, co-founder of PayPal and founder of financial technology company Affirm, to its board of directors. The beverage giant, currently valued at $291 billion, maintains a strong financial health score according to InvestingPro analysis, with liquid assets exceeding short-term obligations and moderate debt levels.

Levchin, 50, brings extensive technology expertise to the beverage giant’s board. He co-founded Confinity in 1998, which later evolved into PayPal where he served as chief technology officer until eBay acquired the company in 2002.

Following his time at PayPal, Levchin launched several ventures including Slide, a personal media-sharing service acquired by Google in 2010. He later founded innovation lab HVF, which led to the creation of Affirm in 2012. Affirm, which provides installment payment solutions, went public in 2021.

"Max has a tremendous background in technology, including the development and growth of successful companies," said James Quincey, Chairman and CEO of The Coca-Cola Company, according to the press release.

Levchin previously served on the boards of technology companies including Yelp Inc. and Yahoo! Inc. Born in Kyiv, Ukraine, he moved to the United States in 1991 and earned a bachelor’s degree in computer science from the University of Illinois Urbana-Champaign.

In the same announcement, Coca-Cola declared a regular quarterly dividend of 51 cents per common share, payable December 15 to shareholders of record as of December 1. The company has maintained an impressive track record of raising dividends for 54 consecutive years, with a current yield of 3.04%. InvestingPro analysis reveals 12 additional key insights about Coca-Cola’s financial performance and market position, available through their comprehensive Pro Research Report, which provides detailed analysis of what matters most for investors.

In other recent news, Coca-Cola has been involved in several significant developments. Piper Sandler has maintained an Overweight rating on Coca-Cola, setting a price target of $80. This rating is influenced by the company’s strategy to introduce mini cans in convenience stores, offering consumers portion control and lower price points. Additionally, Coca-Cola is reportedly considering selling its British coffee chain, Costa Coffee, with Bain Capital’s Special Situations unit having submitted a first-round bid. Apollo Global Management is also in early talks with Coca-Cola about a potential acquisition of Costa.

JPMorgan has reiterated its Overweight rating on Coca-Cola, maintaining a price target of $79, following discussions with company representatives. In a different development, Coca-Cola Beverages South Africa plans to cut over 600 jobs, as reported by Business Day, citing opposition from the Food and Allied Workers Union. These recent developments reflect ongoing strategic and operational adjustments within Coca-Cola.

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