Coca-Cola elects CEO as chairman of the board

ATLANTA Coca-Cola Co. said Thursday its board of directors elected CEO Muhtar Kent as chairman of the board, according to reports.

Kent, 56, succeeds Neville Isdell. Isdell, 65, who retired following the company's annual meeting Wednesday in Atlanta, the Associated Press said.

The company's board said in December that Isdell would not stand for re-election as chairman and that the post would be given to Kent, who was also re-elected as president and CEO on Thursday. Kent became CEO in July.

At its annual meeting, Kent said the company may be able to boost its market share despite the global recession. He said there are opportunities in pushing its top brands like Coca-Cola in emerging markets and in ones where it has solid footing.

Shares rose 5 cents to $42.98 in midday trading.