Last month in Cannes, Jonathan Mildenhall, Coca-Cola's VP of global advertising strategy, admitted the multi-national corporation had been slow to embrace social media and historically, they did make some mistakes. However, if you scratch the surface a little, they're doing some interesting things.
In April they created a new office of digital communications and social media within its public affairs and communications department, giving Adam Brown, digital communications director, and Anne Carelli, digital communications manager, oversight of corporate digital and social media communications efforts.
It's worth watching Adam speak about Coca-Cola's social media strategy at the recent BlogWell New York conference (start 50 secs in):
You can also see Adam's slides here.
Coca-Cola Conversations is the blog Adam mentions, check out the Coca-Cola Facebook page, and for a UK perspective it's worth looking at this article about 'Let's get together’ and the Coke Zone blog.
Of course, there's also the famous story of the Coca-Cola Facebook page:
Update 2: Coke’s new social media policy
Update 3: Coca-Cola and social media: Fans first
Update 4: Coca-Cola builds new social media model