Muhtar Kent may be losing a little bit of his swagger.

When he took the reins of Coca-Cola in 2008, Kent seemed poised to take the beverage giant to the next level. He turned the company's dismal sales in North America around in 18 months, began laying the groundwork to buy the nation's largest soft-drink bottler for more than $12 billion — Coke's biggest acquisition ever — and vowed, with much pomp and circumstance, to double the company's revenue by 2020.

But now, that Midas touch is starting to show signs of tarnish.

International case sales are slowing. Coke's carbonated beverages in North America remain under sustained attack by health advocates and changing consumer tastes. And last quarter for the first time, North American case sales for the company's non-fizzy sector of waters, juices and teas fell 1 percent.

What's more, Coca-Cola says it expects to announce job cuts — analysts speculate about 2,000 workers globally — by early next year. It's part of a broader effort to cut $3 billion in costs annually.

In a recent conference call with industry analysts, the usually ebullient Kent was more subdued as he acknowledged that the goal of doubling revenue, outlined in the company's "2020 Vision," is getting a little blurry.

"Importantly, the goal of doubling system revenues is one our system can always aspire toward. But it is not a goal to be pursued at any cost over a fixed time frame, and we are realigning our expectations based on where we are today and the outlook for our industry," he said.

In other words, Coke is in reset. And how Kent, 61, guides the company during this period could be pivotal for his future.

"Change is hard, the coming year will be complicated, but Muhtar gets what has to be done," said John Sicher, editor and publisher of Beverage Digest.

Over the long haul, Coke believes it will be able to raise prices with the right product and packaging mix to grow profits — even in the face of stalled case volume. That's why it's focusing more these days on achieving revenue growth in the mid-single digits, instead of on case volume alone.

But Joseph Agnese, an analyst with S&P Capital IQ, said changes won't happen over night. Coke sells its products in every country in the world but North Korea and Cuba. A company with that much territory can't change direction on a whim.

"It takes time," Agnese said. "It's a large company with embedded drinks. It's a multiyear strategy."