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The Coca-Cola Company has announced the election of Max Levchin, a noted entrepreneur and co-founder of PayPal, to its board of directors.

The appointment is aimed at enhancing the company’s technological capabilities as it navigates an increasingly competitive beverage landscape.

Levchin, 50, brings a wealth of experience in technology and entrepreneurship, having co-founded Confinity, which later evolved into PayPal. His tenure as chief technology officer at PayPal ended with its acquisition by eBay in 2002.

Since, Levchin has launched several successful ventures, including Slide, which was acquired by Google, and Affirm, a fin-tech company that offers installment payment solutions and went public in 2021.

James Quincey, chairman and CEO of The Coca-Cola Company, said: “Max has a tremendous background in technology, including the development and growth of successful companies. He will bring great perspectives to Coca-Cola as technology continues to reshape the way we do business.”

Levchin's appointment comes at a time when the beverage industry is increasingly leveraging technology to enhance operational efficiency, customer engagement and new product offerings.

Coca-Cola's ongoing transformation includes reducing sugar content across its portfolio and introducing new, healthier beverage options. By integrating Levchin’s insights, the company aims to further enhance its digital strategies and product development initiatives.

Levchin has also served on the boards of several notable technology companies, including Yelp and Yahoo, underscoring his extensive involvement in the tech sector. His expertise is expected to guide Coca-Cola as it explores new avenues for growth in a rapidly evolving market.

In addition to Levchin's election, Coca-Cola declared a regular quarterly dividend of 51 cents per common share, payable on December 15 to shareholders of record as of 1 December.

This consistent dividend underscores the company's commitment to delivering value to its investors while pursuing growth strategies.