Coca-Cola said on Thursday the company's President and Chief Operating Officer Muhtar Kent will succeed Neville Isdell as chief executive officer (CEO) as of July 1, 2008.

    Isdell, 64, will remain chairman of the Board of Directors until the company's Annual Meeting of Shareowners in April 2009.

    "This next management step, which draws on the successful partnership between Muhtar and me, ensures that we will continue to grow and enhance Coca-Cola's business around the world," said Isdell in a statement.

    "Having worked closely with Muhtar for nearly 20 years, I know that his combination of industry knowledge, passion for operational excellence, strategic vision and high level of interpersonal skills is the ideal blend to take our Company forward," Isdell added.

    "The opportunity to lead The Coca-Cola Company is an extraordinary honor, and I am grateful to the board for the confidence it has placed in me," said Kent. "I look forward to building on the strong foundation for sustainable growth that we have set in place for the Coca-Cola system around the world."

    Kent first joined The Coca-Cola Company in 1978 and held a variety of marketing and operational roles leading to his appointment as president of the East Central European Division in 1989.

    From 1995 to 1998, Kent was managing director of Coca-Cola Amatil Europe with bottling operations in 12 countries. From 1999 to 2005, Kent served as president and chief executive officer of the Efes Beverage Group, one of Europe's largest international beverage businesses.

    He returned to Coca-Cola in May 2005 as president of the North Asia, Eurasia and Middle East Group and was named as COO the next year.