NEW YORK, December 7: Coca-Cola Co, plagued by a contamination crisis in Europe and anti-trust issues, said M Douglas Ivester will step down as chairman and chief executive of the number one soft drink company, to be replaced by 30-year veteran Douglas Daft.Ivester, 52, who has struggled to increase the soft drink company's dominance, will retire in April 2000 for personal reasons after just two years as chief executive.The soft drinks giant said Daft, 56, was elected president and chief operating officer at a special meeting on Sunday and would succeed Ivester. Daft has broad knowledge of emerging markets, particularly in a key growth area Asia, analysts said.Daft, who began his career at Coca-Cola in 1969 in his native Australia, will take the helm in April, following the company's annual shareholder meeting. For much of his career, Daft served in planning, marketing and operations positions in Asia.The announcement sent shares of Coca-Cola down 4-7/16 to 63-3/4 on the New York Stock Exchange.Ivester's rocky tenure at Coke hit a low point last summer as a contamination scare hit Europe. Coke traced the contamination to a bad batch of carbon dioxide in Belgium and a foul odour from a chemical substance used on storage pallets at a cannery in France.The twin episodes frightened consumers across Europe and prompted a massive product recall - the worst tainted-product episode in Coke's history - and dragged on profits.The Ivester-led Coca-Cola also struggled in its quest to further its global dominance. Its plan to acquire Cadbury-Schweppes' non-North American assets was drastically curtailed after running into regulatory trouble across the globe.The deal, originally valued at more than $ 1 billion, was scaled back considerably and closed in July with Coke paying Cadbury $705 million for assets in 155 countries. Late last month, the French government blocked Coke's $732.6 million bid for Orangina after 2-1/2-year struggle for the popular fizzy drink.Coke officials told Reuters that Ivesterwas in good health and the chairman pointed to personal reasons for his decision. "After extensive reflection and thought, I have concluded that it is time for me to move on to the next stage of my life," Ivester said.Ivester has been with the company for 20 years but was only named chief executive in 1997 after the death of Roberto Goizueta, who was known for his strong leadership of the company.
