By Mike Esterl And Angela Chen 

Coca-Cola Co. named James Quincey president and chief operating officer, making him the clear No. 2 to Chairman and Chief Executive Muhtar Kent.

Mr. Quincey, 50 years old, has worked at Coca-Cola for 19 years and has been president of the company's Europe group since 2013. Before that, he oversaw Coke's Northwest Europe and Nordic business unit and spent several years in Latin America, including heading Mexican operations.

Mr. Quincey helped lead the recently announced merger of Coca-Cola Enterprises, Coca-Cola Iberian Partners SA and Coca-Cola Erfrischungsgetranke AG. The new entity will become the world's largest independent Coca-Cola bottler based on revenue.

"His wealth of experience across our global system, particularly in Europe and Latin America, will be a valuable asset as we continue to accelerate growth through our 2020 Vision and our previously announced five strategic actions," Mr. Kent said of Mr. Quincey.

Mr. Quincey's promotion also positions him as the leading internal candidate to eventually succeed the 62-year-old CEO, who has run the Atlanta-based beverage giant since 2008.

Coke also said Ahmet Bozer, who is president of Coca-Cola International, will retire in March. The 55-year-old Mr. Bozer, once considered a succession candidate and a top deputy to Mr. Kent, joined Coke in 1990.

The changes come at a critical time for the company, which has missed its growth targets the past two years and has warned it will fall short again this year as it grapples with sales slowdowns in key markets around the globe. Weakening foreign currencies also weigh on results.

In October, Coke announced a $3 billion cost-cutting program aimed at redirecting savings toward stepped-up investments and marketing in its brands, which include Sprite and Fanta soft drinks, Minute Maid juices and Dasani water in addition to its flagship cola.

Pressure has been building in inside and outside the company for Mr. Kent to name a deputy to help him manage the far-flung company, which sells its products in every country except Cuba and North Korea. Critics have said Mr. Kent has too many responsibilities and could benefit from a chief operating officer so he could focus more on strategic decisions.

Mr. Kent and the company hadn't signaled any clear CEO succession candidate before Thursday, and Mr. Kent hasn't said he intends to step down any time soon. The title of president carries great weight at Coke and was given to Mr. Kent before he became CEO.

Coke's board of directors praised Mr. Quincey's elevation in a statement accompanying the announcement.

"The Board unanimously agrees that James Quincey's leadership experience coupled with his strategic thinking and proven ability to deliver results make him the right person to help execute Coca-Cola's strategic priorities and drive sustainable growth," said Sam Nunn, the company's independent lead director.

Mr. Nunn said Mr. Quincey "will complement Muhtar's skills and qualities, making them a formidable team as they work to advance the Company's growth agenda."

Two of Mr. Kent's top deputies will report to Mr. Quincey: Irial Finan, president, bottling investments and supply chain, and J. Alexander "Sandy" Douglas Jr., president of the North America group. Both have been viewed recently as possible internal successor candidates.

"James is emblematic of the deep bench strength we have developed at Coca-Cola, and I could not be more pleased about his appointment to this critical role at this important time," Mr. Kent said in a statement.

Mr. Kent named Mr. Bozer to head the international division in 2012. At the time, he also named Steve Cahillane to oversee the Americas business, setting up what was viewed at the time as an early two-horse race to eventually succeed Mr. Kent.

But Mr. Cahillane left Coke in early 2014 amid disagreements with Mr. Kent and weakening results. As Coke's international business struggled, Mr. Bozer was no longer was viewed as a strong succession candidate.

Mr. Bozer will stay with Coke until March "to ensure a smooth transition and serve as an adviser to Muhtar Kent and the Company on key strategic initiatives," the company said in a statement.

In a conference call with reporters Thursday, Mr. Kent said that he will focus more on long-term strategy, talent management and innovation, while Mr. Quincey will focus on driving growth and productivity throughout the company.

Mr. Kent added that "it's very early days" and "inappropriate to speculate" on CEO succession, but that he looks forward to working closely with Mr. Quincey.

"I have every intention and commitment to make this a great success and partnership with James," he said.

Mr. Kent said the decision to elevate Mr. Quincey "was taken after long deliberation" and that the board of directors was unanimously behind the decision.

Mr. Quincey also said he was focused on his immediate job. Nobody has been successful if they "spend their time looking out the window, dreaming of the next thing," he said during the conference call.

Tripp Mickle contributed to this article.

Write to Mike Esterl at mike.esterl@wsj.com and Angela Chen at angela.chen@wsj.com

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