Coca-Cola names insider Henrique Braun as new CEO, replacing James Quincey

Audio By Carbonatix

Enlarge

By Juveria Tabassum

Dec 10 (Reuters) – Coca-Cola on Wednesday named insider Henrique Braun as its new CEO, replacing James Quincey, as packaged food companies try to adjust their strategies to consumers looking for healthier and more affordable drinks and snacks.

Coca-Cola’s portfolio of zero-sugar beverages, as well as its more premium product lines such as Fairlife milk, have held the company in better shape in a choppy consumer landscape, in contrast to rivals such as PepsiCo.

Both Quincey and Braun joined the company in 1996 and have held leadership roles across the globe for Coca-Cola. Braun, 57, will take over as the beverage giant’s CEO effective March 31.

Braun was named Coca-Cola’s chief operating officer in January, with company experience in units such as supply chain, new business development and bottling operations.

“I will focus on continuing the momentum we’ve built with our system. We’ll work to unlock future growth in partnership with our bottlers,” Braun said in a statement.

Coca-Cola’s stock price has risen nearly 63% since Quincey, 60, took over as CEO in May 2017.

Quincey has been at the helm during a period where the soda maker sharpened its focus on zero-sugar and low-calorie drinks and added product lines such as milk, sparkling water, coffee and energy drinks through acquisitions.

“Quincey set a high bar. Investors should expect the new CEO to continue to refresh the portfolio of brands,” said Kimberly Forrest, chief investment officer at Bokeh Capital Partners.

The consumer goods sector has seen a slew of C-suite changes this year as companies navigate a bifurcated consumer environment, as well as supply chain and operational challenges due to tariffs.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Alan Barona)