We’ll bounce back despite difficulties, says TABD chief

By Karen Carstens

Date: 18/03/04

ALTHOUGH the TransAtlantic Business Dialogue (TABD) lost the two CEOs at its helm before they had a chance to make any lasting impressions, it will continue its long bounce-back from its once-catatonic state, its director has insisted.

In keeping with the TABD tradition of having one business leader from each side of the Atlantic in charge, the two men most recently acting as co-chairs were Douglas Daft, chairman and chief executive of Coca-Cola, and Niall FitzGerald, co-chairman and CEO of Dutch-Anglo food and soap giant Unilever.

But, since their official confirmation last December, the former has stepped down as Coke's top man and the latter has decided to take charge of Reuters instead.

Yet Jeff Werner, executive director of the TABD in Washington, said that the American-European business forum was not affected by the change.

"Both companies have assured the TABD and its leadership that they are committed fully to the TABD process," said Werner.

"We don't expect any leadership changes before the end of 2004."

Each firm has pledged to find a suitable replacement, he added.

Daft, a 60-year-old Australian, had struggled to boost Coca-Cola's fortunes since taking over in 2000. Brought in to repair a tattered corporate image, he was the first non-American to head a company seen as the very symbol of America. Daft himself was critical of Coke becoming too global and he stressed the mantra "think local, act local".

Reuters earlier this month named FitzGerald as its new chairman. The world's largest listed provider of news and data to financial markets said FitzGerald, 58, would take up his position on 1 October.

Irishman FitzGerald became Unilever's chief in 1996, boosting sales and profits - something Reuters, which has taken a nosedive in recent years, hopes he will do for its bottom line, too.

The TABD, launched in 1995 to nip transatlantic trade wars in the bud, had sputtered to a virtual standstill last year. But business leaders and policymakers pledged to relaunch it at the June 2003 EU-US summit in Washington, with a more pared-down focus built around a core group of CEOs.

The TABD announced in January that it aims to work with other business organizations to develop practical recommendations to governments in seven key areas.

They are: the World Trade Organization Doha development round; protecting intellectual property and fighting counterfeit products; capital markets; regulatory convergence; corporate governance; international accounting standards, and; maximizing open trade and security.

• Primary Source

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