Lancer Corp. has revealed the findings of an independent inquiry into matters related to dealings with Coke. The equipment supplier, implicated in allegations made by former Coke employee Matthew Whitley last year, said on Friday that an inquiry by its audit committee did not find evidence of "intentional misconduct" or "accounting irregularities."

Both Lancer and Coca Cola are the subjects of formal probes by the Securities and Exchange Commission.

Lancer's CEO, George F. Schroeder, announced his retirement after the results of the inquiry were announced. Schroeder will stand down on 28 February, to be succeeded by current president and chief operating officer Christopher D. Hughes. Schroeder will remain on the board of the company.

In a statement, Schroeder said: "Now that the audit committee's investigation has been completed, we are in a position to implement this transition."