The soda giant Coca-Cola is getting a new boss.
After nine years in office, James Quincey will hand over the chairmanship of the board at the end of March to Henrique Braun, who is currently responsible for the group’s operational business. The 60-year-old Quincey will remain on the management team and move to the position of executive chairman, as Coca-Cola announced on Thursday in Atlanta. Coca-Cola shares temporarily fell by 0.89 percent to $69.59 in NYSE trading.
Quincey has been working for Coca-Cola for around 30 years. He took over the executive chair in 2017 and led the group out of a sales slump that had lasted several years. To do this, he broadened the product range and, in addition to lemonades, also focused on sports drinks and Fairlife milk with added protein, but also coffee. During Quincey’s tenure, Coca-Cola shares rose by more than 60 percent, but lagged well behind the broader market – the S&P 500 rose by 190 percent during this time.
The designated new CEO joined Coca-Cola in 1996, the same year as Quincey. According to the company statement, Braun worked for years in North America, Europe, Latin America and Asia. He was president of the group’s international development department before becoming chief operating officer earlier this year.
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