Coca Cola CEO Kent to step down next year

Muhtar Kent, current chief executive officer of Coca Cola Co, will step down from his position next year and will be replaced by the company's president and chief operating officer James Quincey.

Kent will continue as chairman of the board of directors, according to a statement released by the company on Friday.

Shares in the soft drink maker were rising 1% to $41.42 in pre-market trading.

Kent took the reins at Coca Cola in 2008, having worked for the company for 30 years previously, rising through the ranks of the marketing and operations departments.

"Managing The Coca-Cola Company to ensure our long-term growth requires a thoughtful and orderly succession planning process," Kent said in the statement released by Coca Cola.

"I have been engaged with our Management Development Committee and the full Board on talent development and succession discussions throughout my tenure as CEO. We are certain that James Quincey is prepared for these new responsibilities and is the absolute right choice to lead our company and system into the future."

The management change will happen in May of 2017, and one of Quincey's main challenges will be reversing the trend of consumers increasingly turning their backs on sugary confectionery towards healthier options.

Quincey joined the firm in 1996 and has been the head of its operations in Mexico and Europe in the past.