Coca-Cola taps COO Henrique Braun to replace James Quincey as CEO in 2026

Coca Cola Chief Operating Officer Henrique Braun will replace James Quincey as CEO next year, the company said Wednesday, as Coca-Cola and its rivals navigate weak consumer demand for soft drinks.

Coca-Cola said the change will go into effect on March 31 and Braun will be nominated to the company’s board of directors. Quincey will continue to serve as chairman of the company’s board of directors.

Quincey, 60, has held the top job at the drinks giant since 2017. During this time, he oversaw the refranchising of Coca-Cola’s bottling system, the company’s strategy for the Covid pandemic and its focus on beverages perceived to be healthier.

Braun, 57, has served in various roles at Coca-Cola since joining the company in 1996, when Quincey joined him. Braun became COO at the beginning of the year.

Coca-Cola said in a statement that Braun will focus on identifying new growth opportunities around the world, better meeting consumer needs and improving the company’s technology.

The leadership change comes as the drinks company tries to reverse slowing demand for fizzy drinks, which still account for a significant portion of its global sales. In Coca-Cola’s third quarter, global unit case volume, which excludes pricing and currency changes, increased 1%, following a decline in the previous three-month period.

Low-income consumers are buying fewer drinks, and the company is introducing cheaper, smaller versions of its products to reverse that trend, Quincey said. But pricier brands like Smartwater and Fairlife have outperformed the soda segment in recent quarters; This shows that consumers are willing to pay more for some brands.

Coca-Cola also largely outperformed its rival pepsico During Quincey’s tenure, in part because out-of-home business at venues like restaurants and movie theaters has been stronger.

Coke is winning the soda wars, too. Its eponymous soda remained the best-selling soda in the United States, with Sprite surpassing Pepsi to become the No. 3 soda in the country.

Coking coal shares were largely unchanged in extended trading Wednesday. The company’s shares are up about 13% this year, while Pepsi shares are down more than 1%.

Coca-Cola’s market capitalization of more than $300 billion surpasses that of Pepsi, which has a market capitalization of approximately $200 billion.