The move is the latest in the shake-up of Coca-Cola's top management. The company recently named Neville Isdell (search) as its chairman and chief executive and announced that President and Chief Operating Officer Steve Heyer, who had put a new marketing campaign in place, was leaving the company.
The company named Coca-Cola veteran Chuck Fruit as Palumbo's replacement. Palumbo, who had previously worked as a marketing executive for Eastman Kodak (EK), was nameand CEO position, and Palumbo, the company's general counsel and its head of North American operations have recently left.
Palumbo replaced Stephen Jones, who stepped down in March 2003 as Coca-Cola began reshaping its marketing structure under Heyer.
Coca-Cola is struggling to boost sluggish sales of its flagship Coca-Cola brand and calm investors spooked by U.S. government probes of alleged accounting fraud.
Shares of Coca-Cola were down 18 cents at $51.00 on the New York Stock Exchange (search).