Coca-Cola Co. Chairman Neville Isdell said Wednesday that Coke was pleased with its Olympic sponsorship in China and determined to fix its North American business.

In an interview with CNBC, Isdell said Coke expects its Olympic sponsorship to help build the company's brand long term. China, a nation of 1.3 billion, is Coke's fourth-largest market in terms of volume, but consumption rates are still low.

Carbonated soft drink consumption in China is about 25 8-ounce servings per capita each year, compared with about 800 for the United States, according to Beverage Digest figures.

"You've just got to do the math," Isdell said, speaking via satellite from southern France. "The math is very simple. China will eventually be over 100 [in per capita consumption]. It will eventually be up to 150. That is going to be very major for us."

Despite the Beijing Summer Games and its sponsors drawing protests from human-rights groups, Isdell said Coke remains a proud sponsor.

"We believe that it adds to our brand in a very, very significant way," Isdell said. "There's always a downside to everything. Nothing works absolutely perfectly. But in this instance, we're very happy with the torch run. We're extremely happy with the Olympics in China."

He also said Muhtar Kent, who replaced him as CEO, is focused on turning around Coke's U.S. business.

More than 80 percent of Coke's operating profits come from international markets, where sales are growing. North America sales volume has been flat, and operating profits are down for the first six months of the year.

"As he [Kent] takes over for me as CEO on the first of July, he's spending a great deal of time on the U.S. business," Isdell said. "It is the one that we haven't fixed yet."