Donald R. Keough, president and chief operating...

Donald R. Keough, president and chief operating officer at Coca-Cola Co., said he plans to retire April 15 and also step down from the soft drink maker’s board of directors. Keough, the No. 2 executive at Coke, has been with the Atlanta-based company 42 years.

His duties will be taken over by two younger executives, John Hunter and M. Douglas Ivester, who will share the title of executive vice president. Both will report directly to Coca-Cola Chairman and Chief Executive Roberto C. Goizueta.

Keough’s departure had long been expected. He had delayed his retirement from 1991, and trained both Hunter and Ivester.