The man brought out of retirement to rescue Coca-Cola will step down for the second time next summer to make way for Muhtar Kent, the new chief executive of the world’s biggest drinks company.

Coca-Cola yesterday said that it had promoted Mr Kent, who holds dual Turkish and American citizenship, to be chief executive from July 1. He is to succeed Neville Isdell, 64, who was persuaded to return to Coca-Cola in 2004 to turn the ailing drinks group around.

Mr Kent, who was recently made chief operating officer, is credited with heading a deal this year to buy Glaceau, the vitamin water company, which helped Coca-Cola to enter the growing noncarbonated drinks trade.

Mr Kent returned to Coca-Cola in May 2005 from a near-decade absence after a share-dealing scandal. In 1996, Australian regulators investigated why his financial adviser sold 100,000 shares in Coca-Cola for him hours before it gave a profit warning. Mr Kent made A$324,000 on the sale and resigned. He rejoined Coca-Cola two years ago as a regional president, when Mr Isdell said the board was satisfied that the sale was “an honest mistake”.

Mr Isdell, who will stay on as chairman until 2009, has led a recovery and resolved bad relations with bottlers.

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