<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>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, Daft said in the statement. 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>He 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>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 late trading on the New York Stock Exchange, Coke shares were up 10 cents at $51.34.</p><p>___</p><p>On the Net:</p><p>HASH(0x28658c0)</p>
