CCL Coca Cola Amatil Limited

   By Rhiannon Hoyle 
 

SYDNEY--Coca-Cola Amatil Ltd. (CCL.AU) Monday said managing director Terry Davis would leave the drinks manufacturer in August next year after more than a decade at the helm.

Chairman David Gonski said it follows heavy speculation over the past 18 months about succession plans for the company, which is 29%-owned by Coca-Cola Co. (KO).

"The next 18 months will be crucial for Coca-Cola Amatil in the further development of its alcoholic beverage strategy and the accelerated plans for growth of the Indonesian business," Mr. Gonski said in a statement.

The company last month reported a 22% fall in full-year net profit due to impairment charges at its food processing division as the high Australian dollar continued to make local products less competitive against cheaper imports.

Coca-Cola Amatil said the board would begin the search for Mr. Davis's successor over the next few months.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

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