Coca-Cola.
Credit: REUTERS/Mike Blake
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.
Braun, 57, joined the beverages giant nearly three decades ago, and is currently its chief operating officer.
Quincey is stepping down after nine years in the top job, and will transition to executive chairman, the company said.
"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.