Coca-Cola enterprises Inc has said President and Chief Executive John R Alm plans to resign from January 1, by mutual agreement with the board.

Chairman Lowry F Kline will serve as interim Chief Executive until the board finds a permanent replacement. A search is under way.

CCE, which sells about 80 per cent of the canned and bottled Coca-Cola Co beverages in North America, said Alm, 59, will stay on to provide advice for up to six months.

In a research note, Morgan Stanley analyst Billpecoriello, said there may have been pressure from coke due to several disappointments in the business.

The bottler recently posted weak sales and has faced numerous challenges at its European business. Both of these factors contributed to a profit warning in September.

CCE shares rose on the news. In midday trading, the shares were up 50 cents, or 2.6 per cent, to $19.71.

(www.financialexpress.com)