Coca-Cola has announced that its chief operating officer is taking over as chief executive from Neville Isdell, who re-emerged from retirement four years ago help turn the world’s largest soft drinks business around.

Muhtar Kent will become chief executive on July 1 next year while Mr Isdell, 64, will stay on at Coca-Cola as chairman until the group’s annual meeting in April 2009.

Mr Kent first joined Coca-Cola in 1978 and served in a number of roles until 1998, when he left to become president and chief executive at Europe’s Efes Beverage Group.

He returned to Coca-Cola in May 2005 as president of the North Asia, Eurasia and Middle East group, before being named president of Coca-Cola International in January 2006. Mr Kent was then appointed president and chief operating officer of the company in December 2006.

Mr Isdell said: “We have accomplished a great deal in the last three and a half years, and I recognize my responsibilities, to the company and to Muhtar, remain unfinished until Muhtar is successfully launched as chief executive.

“Management succession is the key final measure of any chief executive’s success, and I will do all I can to ensure our progress is secure for many years ahead.”

Mr Isdell returned to Coca-Cola in 2004 when the company was facing investor criticism for a lack focus on its strategy. Under Mr Isdell Coca-Cola has turned a corner introduced a number of new products including Coke Zero while acquiring vitamin-water maker Glaceau.

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