One David out, another David in at Coca-Cola HBC

One David was out, and another one in at Coca-Cola HBC on Thursday, with the announcement that the company's chairman, George A. David, had stepped down with immediate effect.

The FTSE 100 Coca-Cola bottler said George David would remain on the board until the company's annual general meeting in June, at which point he would retire from the company.

Coca-Cola Hellenic also announced the appointment of its current Vice Chairman, Anastassis G. David, to the role of Chairman until the AGM, at which point he would be proposed for election by shareholders.

Anastassis David joined the board of Coca-Cola HBC as a non-executive director in 2006, before being appointed Vice Chairman in 2014. The company said he was bringing with him more than two decades of experience in the beverage industry.

"Whilst the leadership of the board is changing, we are doing this in a way that ensures continuity and industry experience", said chairman of the company's Nomination Committee and senior independent director, Sir Michael Llewellyn Smith.

"Anastassis has a proven track record and we are delighted to welcome him in his new role as Chairman", he added.

George David described his time at the bottler as a privilege, saying he believed it the right time to hand over to a new leader after 35 years with the company.

"I fully endorse our values and will continue to work with my colleagues on the board and management to deliver on our growth strategy", said Anastassis David on his appointment.

Coca-Cola HBC is the second-largest anchor bottler in the Coca-Cola network, manufacturing the company's products in 28 countries in Eastern Europe, Russia and Nigeria.