Coca-Cola chief executive to retire

The world's largest drinks company Coca-Cola has announced that Chairman and chief executive Doug Daft will retire at the end of 2004.

Executives such as chief operating officer Steve Heyer are being tipped as replacements, though Coca-Cola has said it will vet external candidates.

Atlanta-based Coke is currently facing an ongoing criminal investigation by federal prosecutors into fraud allegations raised in a whistleblower lawsuit.

In a statement Daft did not say if that issue played a part in his decision.