Henrique Braun will become the next CEO of The Coca-Cola Company.
Courtesy of: The Coca-Cola Company
Coca-Cola Chief Operating Officer Henrique Braun will succeed James Quincey as CEO next year, the company announced Wednesday, as Coke and its rivals face tepid consumer demand for soft drinks.
The change will take effect March 31 and Braun will be named to the company’s board of directors, Coca-Cola said. Quincey will remain with the company as executive chairman of its board of directors.
Quincey, 60, has held the drinks giant’s top job since 2017. During that time, he oversaw the refranchising of Coca-Cola’s bottling system, the company’s strategy during the Covid pandemic and a focus on drinks perceived as healthier.
Braun, 57, has held various positions at Coke since joining the company in 1996, the same year Quincey joined. Braun became COO earlier this year.
In a statement, Coca-Cola said Braun would focus on identifying new growth opportunities across the world, to better meet consumer needs and to improve the company’s technology.
James Quincey, CEO of Coca-Cola, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland, January 22, 2025.
Gerry Miller | CNBC
The leadership change comes as the beverage group attempts to reverse slowing demand for its sodas, which still make up a significant portion of its global sales. In Coca-Cola’s third quarter, global unit case volume – which excludes price and currency changes – rose 1% after falling in the previous three months.
Quincey said lower-income consumers were buying fewer of its drinks and the company had rolled out cheaper, smaller versions of its products to try to reverse the trend. However, more expensive brands like Smartwater and Fairlife have performed better than its soda segment in recent quarters, suggesting consumers are willing to pay more for certain brands.
Coca-Cola also significantly outperformed its rival Pepsico during Quincey’s tenure, in part due to his stronger outdoor activity in venues like restaurants and movie theaters.
Coca-Cola is also winning the soda war. Its namesake soda remained the best-selling soda in the United States, and Sprite overtook Pepsi to become the No. 3 soda in the country.
Coca-Cola shares have outperformed those of Pepsi in recent years.
Coke shares were virtually unchanged in extended trading on Wednesday. The company’s shares have soared nearly 13% this year, while shares of Pepsi have fallen more than 1%.
Coca-Cola’s market capitalization of more than $300 billion exceeds that of Pepsi, which has a market value of around $200 billion.