Coca-Cola announced that Henrique Braun, the company’s chief operating officer, will take over as CEO after James Quincey steps down in March. The sixty-year-old Quincey was appointed chairman in 2019 after serving as CEO in 2017. Fairlife and Topo Chico are just two of the more than ten billion-dollar brands that Coca-Cola added under his direction, the company announced on Wednesday.
Quincey will be named executive chairman by Coca-Cola as part of the changeover. At the annual shareholders meeting the following year, the board intends to propose Braun, 57, for election as a director.
Coca-Cola names new CEO
At the company, both executives pursued comparable career paths. After joining Coca-Cola in Atlanta in 1996, Braun and Quincey went on to become chief operating officers and eventually became the company’s executives. Many Wall Street analysts saw Braun as an obvious successor and showed little surprise at his choice. In recent years, Braun has given speeches at a number of industry conferences and on the October earnings call. According to Citi analysts, he collaborated closely with Quincey in recent years and was instrumental in Coke’s refranchising initiatives.
Coca-Cola shares, which are worth over $300 billion, remained stable during after-hours trading. In the last year, the stock has increased by roughly 12%, while the S&P 500 has increased by roughly 14%.
Braun held leadership positions in North America, Europe, Latin America, and Asia during his nearly three decades with the company. After serving as president of international development from 2022 to 2024, he was appointed operating chief by Coca-Cola in January. According to the company, Braun will seek to expand on Quincey’s legacy, which includes leading Coke through the Covid-19 pandemic and steering the company after the U.S. bottling transition.
Quincey assisted the company earlier this year in navigating a decline in sales to Hispanic consumers, a crucial market, following a social media rumor that claimed Coke had requested the removal of undocumented workers by immigration authorities. Since then, sales among Hispanic customers have increased.
Coca-Cola reported $12.46 billion in revenue for the quarter that ended on September 26, a 5% increase over the same period last year. Water, coffee, tea, and sports drinks increased by 3% while soda volumes stayed unchanged worldwide. The company lowered price points by introducing new package sizes to appeal to consumers on a tight budget.
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