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

coca cola Chief Operating Officer Henrik Braun will succeed James Quincey as CEO next year, the company said on Wednesday, as Coca-Cola and its rivals struggle with tepid consumer demand for soft drinks.

Coca-Cola said the change will take effect on March 31, and Brown will be nominated to serve on the company’s board of directors. Quincy will remain with the company as CEO of its Board of Directors.

Quincy, 60, has held the top job at the beverage giant since 2017. During that time, he has overseen the refranchising of Coca-Cola’s bottling system, the company’s strategy during the Covid pandemic and its focus on beverages seen as healthier.

Brown, 57, has held various roles at Coca-Cola since joining the company in 1996, the same year Quincy joined. Brown became COO at the beginning of the year.

Coca-Cola said in a statement that Brown 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 beverage company tries to reverse sluggish demand for soft drinks, which still account for a significant portion of its global sales. In Coca-Cola’s third quarter, global unit volume — which excludes price and foreign currency changes — rose 1% after declining in the previous three-month period.

Low-income consumers have been buying fewer of its drinks, Quincy said, and the company has rolled out cheaper, smaller versions of its products to try to reverse that trend. However, more expensive brands such as Smartwater and Fairlife have performed better than the soft drinks sector in recent quarters, suggesting that consumers are willing to pay more for some brands.

Coca-Cola also outperformed its competition to a large extent PepsiCo During Quincy’s tenure, in part due to its strong out-of-home business in places such as restaurants and movie theaters.

Coca-Cola is also winning the soda wars. The eponymous soda company maintained its position as the best-selling soda in the United States, and Sprite overtook Pepsi to become the No. 3 soda in the country.

Coca-Cola shares were largely unchanged in extended trading Wednesday. The company’s shares have risen about 13% this year, while Pepsi shares have fallen by more than 1%.

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