n"> Wintergreen Advisers, a minority shareholder in Coca-Cola Co (KO.N), said Chief Executive Muhtar Kent was "incapable of leading Coke's turnaround and should be replaced".

Wintergreen, which owns less than 1 percent of Coca-Cola, said the company's shares were deeply discounted because of poor management and governance. (bit.ly/1zgoDKY)

"The strategic investments made by CEO Muhtar Kent have destroyed shareholder value. His blunders on failed acquisitions alone have cost shareholders $16.3 billion," Wintergreen said in a statement accompanying an analysis of Coca-Cola's performance.

Wintergreen said it was concerned that Coca-Cola's new equity compensation guidelines could continue to reward the company's top managers unjustly, adding that an emphasis on cash bonuses could cost shareholders as much as $10.20 per share.

Following criticism from Warren Buffett and other investors for its outsized employee share rewards, Coca-Cola said in October it had adopted new guidelines that would limit its executive compensation plan starting next year.

The company had said the guidelines would facilitate a shift toward performance shares and cash awards and be less weighted toward stock options.

Wintergreen said on Monday Coke's problems could be resolved by fixing its compensation plan, cutting expenses and replacing the board and management.

Kent has served as Coke's CEO and chairman since April 2009.

The company did not immediately respond to a request for comment.

Up to Friday's close, Coke's shares had fallen about 1 percent this year, compared with an 8 percent rise in the S&P 500 index .SPX. The company's shares were down 0.6 percent at $40.68 in afternoon trading.