Coca-Cola CEO Muhtar Kent to step down next year

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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 will leave the CEO job May 1 and will continue as chairman of the board. Kent has been CEO of the beverage maker for about 7 years.

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 1 percent to $41.40 before the stock market opened Friday.

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