Goizueta, Roberto Crispulo

▪ 1998

      American businessman (b. Nov. 18, 1931, Havana, Cuba—d. Oct. 18, 1997, Atlanta, Ga.), served as chairman and CEO of the Coca-Cola Co. and during his 16-year tenure at the helm increased Coke's market value from $4 billion in 1981 to some $150 billion at the time of his death. Born into a prosperous family with interests in the sugar industry, Goizueta was educated at a Jesuit school in Havana and a private preparatory school in New Haven, Conn. After receiving (1953) a bachelor's degree in chemical engineering from Yale University, he began a 43-year career with Coca-Cola as a chemist for a company subsidiary in Havana. After Cuban leader Fidel Castro nationalized Coca-Cola in 1960, Goizueta and his family immigrated in 1961 to the U.S., arriving in Miami with $40 and 100 shares of Coca-Cola stock. Goizueta maintained that this experience developed his self-assurance, which enabled him to turn the conservative, risk-avoiding, disorganized company of the late 1970s into the purveyor of two of the four top-selling soft drinks in the world. Revising the firm's financial strategy to focus more attention on shareholder returns, he sold off unrelated and unprofitable parts of the business, developed new products, and launched global advertising and distribution campaigns that would leave Coca-Cola's chief competitor, PepsiCo, trailing in worldwide market share. The company's goal was to place Coke "within an arm's reach of desire" anywhere in the world. The introduction of Diet Coke in 1982 was a stroke of marketing genius; the 1985 introduction of New Coke and the simultaneous withdrawal of original Coke seemed to be a marketing disaster. Following massive consumer protest, Goizueta remarketed the original formula as Classic Coke; 10 years after the "blunder," Coca-Cola's volume of cola sales had increased by 29%. Goizueta was praised for his integrity and a legacy of philanthropy to the city of Atlanta, including endowments to Emory University, which in 1994 renamed its business school in his honour. He was listed by Forbes magazine as having an estimated wealth of $1.3 billion, which made him the richest Hispanic in the U.S. Goizueta died of complications from lung cancer within six weeks of having been diagnosed with the disease.

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▪ American businessman

born November 18, 1931, Havana, Cuba

died October 18, 1997, Atlanta, Georgia

      Cuban-born American businessman who served as chairman and CEO of the Coca-Cola Company (Coca-Cola Company, The). During his 16-year leadership he increased Coca-Cola's market value from $4 billion in 1981 to roughly $150 billion at the time of his death.

      Goizueta was born into a prosperous family with interests in the sugar industry. He was educated at a Jesuit school in Havana and a private preparatory school in New Haven, Connecticut, before earning a bachelor's degree in chemical engineering from Yale University in 1953. His 43-year career with Coca-Cola began with one of the company's subsidiaries in Havana, where he worked as a chemist. After Cuban leader Fidel Castro nationalized Coca-Cola's Cuban operations in 1960, Goizueta and his family immigrated to the United States in 1961 with little more than $40 and 100 shares of Coca-Cola stock. He maintained that this experience developed a self-assurance that helped him turn the conservative, risk-averse company of the late 1970s into one of the world's most recognizable brands.

      He revised the firm's financial strategy by focusing on shareholder returns. To this end he sold off unrelated and unprofitable parts of the business, developed new products, and launched global advertising and distribution campaigns that eventually left Coca-Cola's chief competitor, PepsiCo (PepsiCo, Inc.), trailing in worldwide market share. The company's goal was to place Coke “within an arm's reach of desire” anywhere in the world.

      Goizueta was equally involved with the firm's marketing strategy. He created the slogan “Coke is it!” and was credited with the successful introduction of Diet Coke in 1982. He was faulted, however, for the marketing failure that occurred with the 1985 introduction of New Coke and the simultaneous withdrawal of original Coke. Customers displeased with the taste of New Coke stopped buying the product. Goizueta eventually appeased Coke's unhappy customer base by remarketing the original formula as Classic Coke.

      Outside of Coca-Cola, Goizueta was active in the philanthropic interests of Atlanta, Georgia. His gifts included endowments to Emory University, which in 1994 renamed its business school in his honour. He was listed by Forbes magazine as having an estimated wealth of $1.3 billion, which made him the richest Hispanic in the United States in his time.

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