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NEW YORK (AP) — Coca-Cola says Muhtar Kent will step down as CEO next year and be replaced by Chief Operating Officer James Quincey.
Kent, who is 64 years old, will continue as chairman of the board after he steps down as CEO on May 1. He has been CEO for more than eight years and first joined the company nearly 40 years ago.
The 51-year-old Quincey has been with the Atlanta-based company for about 20 years. He was named chief operating officer last year.
Shares of The Coca-Cola Co. rose 99 cents, or 2.4 percent, to $41.97 in morning trading. Its stock is down about 1.6 percent since a year ago.
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