Doug Ivester -- chairman of board and CEO of Coca-Cola Co -- shocks industry and Wall Street with Dec. 6 announcement that he resigns effective April 2000. Will become consultant to Coke. Succeeding Ivester is Doug Daft. Daft, age 56, was promoted in recent management reorganization (BD 11/5/99) to overseeing Middle/Far East and African groups plus Schweppes division. Most Coke bottlers, industry executives and analysts express "shock" and "surprise," though several point to Coke's difficult last few years and suggest Ivester -- in words of one -- was "under terrible personal pressure." All interviewed agree that Coke system's success over past decade is due in large part to Ivester. Coke system executive: "The company has been through two difficult years. Ivester must have thought it was time for new leadership." Merrill Lynch's Manny Goldman: "I'm surprised, and that's my understatement for the year." Stock market reaction. On day of Ivester resignation announcement, Coke stock goes into tailspin. Drops -$4.38, down -6.41%.