Coca-Cola promotes COO Henrique Braun to CEO
Summarize this article with:
Bottles of Coca-Cola products sit on a shelf at a store in Dania Beach, Fla., Oct. 20, 2020. Photo by AP Photo/Wilfredo LeeArticle contentCoca-Cola Co. said chief executive James Quincey is stepping down and will be replaced at the end of March by Henrique Braun, the company’s chief operating officer.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentQuincey, who is 60 and has been chief executive for nine years, will transition to executive chairman, according to the company. He is currently chairman of the company’s board.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentCoca-Cola shares were little changed in extended trading in New York following the announcement.Article contentArticle contentQuincey assumed the chief executive role on May 1, 2017, and helped to pull the company out of a multiyear sales slump. Under his management, Coca-Cola shares rose more than 60 per cent, while the S&P 500 Index gained nearly 190 per cent over the same period.Article contentPosthasteBreaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentHis efforts have included diversifying Coca-Cola’s offerings beyond soda and into beverages aimed at more health-conscious consumers, including coffee, sports drinks and Fairlife protein-boosted milk. Under his tenure, Coca-Cola also paid US$5.1 billion for Costa Coffee, which it is now considering selling.Article contentArticle contentBraun may need to further expand to new areas, according to John Sicher, a beverage industry consultant.Article content“Coke did very well financially under Quincey, but the company needs to make some fundamental diversification moves to expand beyond carbonated soft drinks,” he said in an interview.Article contentBraun, 57, rose through Coca-Cola’s ranks in a similar path to Quincey, who also served as chief operating officer, among other roles, prior to being named to the top post. Both joined the company in 1996.Article content“Henrique is a trusted and highly experienced business partner, and he’s the right leader to steer the company,” Quincey said in a statement.Article contentArticle contentBraun spent years working in North America, Europe, Latin America and Asia, the company said. He served as president of Coca-Cola’s international development before becoming chief operating officer, where he oversaw all of the company’s operating units worldwide, at the start of this year.Article contentRead More Big U.S. companies' outlook hikes give upbeat picture in absence of economic data Coca-Cola to launch new cane sugar Coke drink following pressure from Trump Article content“I will focus on continuing the momentum we’ve built with our system,” Braun said in a statement. “We’ll work to unlock future growth in partnership with our bottlers.”Article contentBraun is a U.S. citizen who was born in California and raised in Brazil, according to the company.Article contentWith assistance from Anne Cronin and Michelle Fay CortezArticle contentBloomberg.comArticle contentTrending David Rosenberg: 10 reasons why we're now bullish on the Canadian dollar for the first time in many years News This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth 'Wild West out there': Cargo theft reports soar in Canada, but that's just the tip of the iceberg News Posthaste: A market phenomenon not seen in 50 years is raising red flags at the world's central bank News This Canadian mine is as big as a city. It has a basketball court and its chefs serve 4,000 meals daily Commodities Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. David Rosenberg: 10 reasons why we're now bullish on the Canadian dollar for the first time in many years News This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth 'Wild West out there': Cargo theft reports soar in Canada, but that's just the tip of the iceberg News Posthaste: A market phenomenon not seen in 50 years is raising red flags at the world's central bank News This Canadian mine is as big as a city. It has a basketball court and its chefs serve 4,000 meals daily Commodities