Shock departure at Coca Cola

Coca Cola, the world’s largest soft drinks group, has announced that its chief executive, Neville Isdell, is to step down.

The announcement has come as a shock and the company did not divulge why Mr Isdell was relinquishing his post.

Muhtar Kent, the firm’s chief operating officer, is to take over the role on 1 July 2008. Mr Kent, 55, was born in the United States but has dual citizenship with Turkey.

Mr Isdell, 64, led a turnaround at the company and profits have increased steadily, particularly in international markets including China.

The company endured a domestic slowdown in sales of its traditional soft drinks as health-conscious consumers switch to bottled water. However, strength in emerging markets such as China, Russia and India have helped offset this weakness.

The departure of Mr Isdell means that the chairman and chief executive roles will be split for the first time.

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