Dive Brief:
- Coca-Cola COO Henrique Braun will replace James Quincey as CEO starting March 31, the company announced Wednesday. Braun and Quincey both joined Coca-Cola in 1996.
- Quincey, who has served as CEO for nine years, will transition to the role of executive chairman. During his tenure, he shed underperforming or non-core assets and prioritized transforming the beverage giant to focus on healthier offerings. Coca-Cola added more than 10 billion-dollar brands while he was at the helm, including BodyArmor, Topo Chico and Fairlife.
- This leadership change comes as shoppers increasingly shun sugary drinks such as soda while consuming more waters, sports drinks and energy beverages, putting pressure on Braun to grow in new niches while maintaining growth in its core soft drink segment.
Dive Insight:
When Quincey took the helm of Coca-Cola in May 2017, he vowed to turn the business into a “total beverage company” and move further beyond its namesake sodas.
During his tenure, Quincey increased the company’s exposure to better-for-you teas, waters, sports drinks and coffees, while expanding the offerings of its core soda business. The executive has also increased the presence of smaller cans, focused on low- and no-sugar offerings and brought Coca-Cola into the alcohol category through partnerships with Molson Coors and Brown-Forman.
Quincey also reduced Coca-Cola’s drink portfolio — closing down Honest tea and Tab and selling off Zico — to prioritize fewer, bigger brands that had the greatest opportunity for scale and growing profitably.
“James Quincey is a transformative leader,” David Weinberg, Coca-Cola’s lead independent director, said in a statement. “We are confident that Henrique Braun will build on the company’s existing strengths to unlock more growth opportunities and increase the power of the incredible Coca-Cola system.”
Braun will focus on identifying growth opportunities around the world, better meeting consumer needs and using technology to improve business and spur growth, Coca-Cola said.
Braun appears knowledgeable about Coca-Cola’s global reach and its ever-evolving beverage platform. He has held roles at the company in North America, Europe, Latin America and Asia, where he has had responsibilities working with Coca-Cola’s supply chain, marketing, innovation and bottling operations, among other roles.
“I’m honored to take on this new role,” Braun said. “I will focus on continuing the momentum we’ve built with our system. I’m excited about the future of our business and see huge opportunities in a fast-changing global market.”
