Location: Miami, Florida · Latin America
Type: Corporate Restructuring · Change in Control · Leadership Transformation
The Situation
PanamCo LLC — a publicly traded Coca-Cola bottling JV across Latin America — saw revenue collapse from $4.0B to $1.8B after simultaneous currency devaluations in Argentina, Brazil, and Venezuela. Gonzalez joined during a CEO transition, tasked with managing the outgoing CEO's departure and onboarding Craig Jung — a PepsiCo veteran — as the new CEO.
The Leadership Overhaul
An immediate assessment revealed critical leadership gaps across Argentina, Brazil, Colombia, and Venezuela. Gonzalez replaced the CFO, recruited a new CMO from Pepsi Cola International, and rebuilt the senior team without disrupting ongoing operations.
The Hostile Takeover
Within his first month, Gonzalez discovered Coca-Cola FEMSA — backed by The Coca-Cola Company — was moving to acquire PanamCo. The bitter irony: months earlier, PanamCo had been days away from acquiring FEMSA with the same company's support. The team now had two missions simultaneously — turn around the business and protect its people.
The Change in Control Plan
Working with General Counsel, the new CFO, and CEO, Gonzalez designed a tiered CiC Plan with an 18-month protection window:
- Section 16 Officers — 3 years salary + bonus + immediate stock conversion
- Next Level — 18 months salary + bonus + immediate stock conversion
- Following Level — 12 months salary + immediate stock conversion
Board-approved and immediately effective. Gonzalez himself was covered under the same plan he designed.
The Outcome
The plan earned Gonzalez the nickname's The Idol's from the company's largest shareholder.He remained the last Section 16 Officer to depart — November 2003 — after supporting the full FEMSA transition across Latin America.
On the day the deal closed, he walked through Ground Zero carrying a briefcase with $35 million in checks for every associate in Miami. Every commitment honored. Every person protected.
Key Results
$4B → $1.8B revenue decline stabilized · Leadership rebuilt across 4 markets · $35M in associate payments delivered · 100% key talent retained through acquisition close
Management Insight
The greatest M&A risk is not the deal structure — it is losing the people who make the business valuable. A well-designed CiC plan protects associates and the business simultaneously, ensuring the talent driving the turnaround stays fully committed regardless of ownership outcome.