Neville Isdell, CEO of Coca Cola will step down next year. He will be succeeded by Chief Operating Officer Muhtar Kent. The transition at the top of the world's largest beverages company will take place on July 1, 2008. When asked about the timing of his departure,  Isdell stated: “Because it’s the right time...I’ve been working on succession since Day 1.” Isdell (64), a native of Ireland, has been CEO since 2004.

The new chief executive, Kent, told reporters that he realizes there are challenges ahead for him. One of the biggest challenges will be growth of the company's saturated North American market. He also did not exclude the possibility of making changes in the management ranks.

Kent joined the company in 1978, and held a variety of marketing, operational and executive roles. From 1999 until his return in 2004 to Coca-Cola, Kent served as president and chief executive of the Efes Beverage Group. Isdell will remain chairman of the Atlanta-based company’s board until Coca-Cola’s annual meeting in April 2009. Isdell’s role at the company after that is unclear. Whether or not the roles of chairman and CEO will remain separate, will be determined later.