Coca-Cola CEO: Capitalism needs to evolve

February 5, 2013 -- Updated


-- In order to address the current lack of global CEO confidence, Coca-Cola's CEO Muhtar Kent says capitalism needs to be transformed.

"We in business are frustrated," Kent recently told CNN's Richard Quest in Davos, Switzerland. "Policymakers are frustrated because we haven't made sufficient progress to evolve our model -- to come through with a better solution of issues of governance, of confidence."

His concerns follow similar doubts expressed by fellow chief executives in the 16th Global CEO Survey conducted by auditing firm pricewaterhouse, released the same week as this year's World Economic Forum.

The report found only 36% of CEOs surveyed around the world feel "very confident" headed into 2013.

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"You can probably say capitalism is the worst model -- except for all the others," says Kent. "I think we have to evolve it to make sure it is better socially connected to the people's wishes and needs and to create a better harmony in the world."

But Kent also says capitalism can't just be thrown out "without having an alternative" but remains optimistic on progress.

"I think it's going to end up where we have that 'golden triangle' working better with government, business and civil society. I think it can (be done). Look at our case. We can continue to grow, to invest and hire. We are a company that does business on a local basis in 206 countries. We are the most international."

Coca-Cola's share price has fallen nearly 8% from its 2011 closing high of $40.56 set on July 30. 

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