<p>Coca-Cola Co. chairman and chief executive Doug Daft said Thursday he plans to retire at the end of the year, citing his own personal wishes.</p><p>Daft did not elaborate on his decision in a statement issued by the company, the worlds biggest soft drink concern. A company spokesman said Daft would not be available for further comment.</p><p>In his statement, Daft said Coke has faced significant challenges since he was appointed in 1999 to the top position at Coca-Cola.</p><p>Today our brands are stronger and our global production and marketing systems has been restored to health, the statement said. I am proud of what we have accomplished.</p><p>But Atlanta-based Coke faces an ongoing criminal investigation by federal prosecutors into fraud allegations raised in a whistleblower lawsuit. The Securities and Exchange Commission also is investigating.</p><p>Daft did not say if that issue led to his decision.</p><p>But board member Jimmy Williams insisted that the investigation had nothing to do with Dafts decision.</p><p>Everythings positive, Williams told reporters in a conference call.</p><p>Williams said Daft told the board when he took the job that he wanted to stay four or five years. Last October, Daft told the board he was seriously thinking about retirement, then came to the board a final time on Wednesday and said he would be leaving, Williams said.</p><p>Daft said he would assist the board of directors in its search for his successor. No timeframe was set for the process to be completed.</p><p>Todd Stender, an analyst with Crowell, Weedon and Co. in Los Angeles, said the news took him by surprise.</p><p>Hes had an uproad battle since he came in 1999, Stender said. The company went through a restructuring for the five years hes been there. He had a difficult time integrating the company on a global basis. Now that the company is turning around it looks like he is ready to hand the reins over.</p><p>Stender added, I dont feel anything regarding him exiting for any other reason.</p><p>Daft said the board will hire a search firm and will consider candidates from both outside and within the company, including president and chief operating officer Steve Heyer, Cokes No. 2 executive.</p><p>Williams said to his knowledge Heyer was not consulted by Daft before his decision. As to Heyer possibly taking over the top job, Williams said there has been no decision.</p><p>Hes a strong internal candidate and hes doing a superb job, Williams said. We just want to be sure we get the best candidate for the company. While Steve is a good contender, we want to know what else is out there.</p><p>In his May lawsuit against the company, former Coke manager Matthew Whitley alleged that he was laid off a month after he sent a memo to Heyer detailing allegations of widespread fraud at Coke. In October, Whitley settled his wrongful termination lawsuit against Coke for $540,000. He said at the time he would continue to cooperate in the criminal investigation.</p><p>In his lawsuit, Whitley claimed Coke rigged a marketing test. Coke has since admitted that some of its employees undermined the marketing test at Burger King restaurants in Virginia in 2000.</p><p>Cokes auditing committee, however, said it found no evidence of more serious allegations in the lawsuit, including Whitleys claim that Coke improperly shifted $4 million of capital funding to a fountain project.</p><p>Asked if Heyers mention in the lawsuit has anything to do with Cokes decision to include candidates from outside the company in its search to replace Daft, director Williams said, I can tell you absolutely not.</p><p>Coke also announced Thursday changes to its retirement policy affecting members of the board of directors.</p><p>The change will require directors who reach the age of 74 to submit a letter of resignation to the board. The letters will be reviewed and considered by the board at the time of their submission and annually thereafter.</p><p>Previously, directors were not permitted to stand for election to the board once they reached age 74.</p><p>In trading Thursday on the New York Stock Exchange, Coke shares fell 24 cents to close at $51.00.</p><p>___</p><p>On the Net:</p><p>HASH(0x2863c98)</p>
