Enrique Braun will be the next CEO of Coca-Cola.
Provided by: The Coca-Cola Company
coca cola The company announced Wednesday that Chief Operating Officer Enrique Braun will replace James Quincey as CEO next year, as Coke and its competitors weather weak consumer demand for soft drinks.
Coca-Cola said the changes will take effect on March 31, and Mr. Brown will be named to the company’s board of directors. Quincey will remain with the company as chairman of the board.
Quincey, 60, has held the top job at a major beverage company since 2017. During that time, he oversaw the refranchising of Coke’s bottling system, the company’s strategy through the COVID-19 pandemic, and its focus on beverages deemed healthier.
Mr. Brown, 57, has held various positions at Coke since joining the company in 1996, the same year as Mr. Quincey. Brown was appointed COO earlier this year.
Coca-Cola said in a release that Braun will focus on identifying new growth opportunities around the world, better meeting consumer needs and improving the company’s technology.
Coca-Cola CEO James Quincey speaks on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland, on January 22, 2025.
Jerry Miller CNBC
The leadership change comes as the drinks company seeks to reverse slumping demand for carbonated soft drinks, which account for a significant portion of global sales. The Coca-Cola Company’s global unit case volume (excluding pricing and currency movements) increased 1% in the third quarter, after declining in the prior three months.
Quincy said lower-income consumers are buying fewer of its beverages and the company is rolling out cheaper, smaller products to reverse this trend. However, pricier brands such as Smart Water and Fairlife have outperformed the carbonated soft drinks sector in recent quarters, suggesting that consumers are willing to pay more for some brands.
Coca-Cola also significantly outperformed its rivals. pepsico Part of the reason is that outdoor businesses such as restaurants and movie theaters have strengthened during Quincy’s tenure.
Coke is also winning the soda wars. The eponymous soda remains America’s best-selling soda, and Sprite has surpassed Pepsi to become the nation’s No. 3 soda.
Coca-Cola’s stock price has outperformed Pepsi’s stock price in recent years.
Coke shares were little changed in extended trading Wednesday. The company’s stock has risen nearly 13% since the beginning of the year, while Pepsi shares have fallen more than 1%.
Coke’s market capitalization is more than $300 billion, more than Pepsi, which has a market cap of about $200 billion.
