Coca-Cola taps insider as new chief executive

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.Coca-Cola has introduced that its chief working officer shall be its subsequent CEO, succeeding James Quincey, who will step down subsequent yr after working to increase the gentle drinks large’s portfolio. Henrique Braun will lead the Atlanta-based beverage firm beginning in March. Since becoming a member of Coca-Cola in 1996 he has held jobs in divisions together with provide chain, advertising and marketing and bottling operations in North America, Europe, Latin America and Asia earlier than taking up his present position in early 2025. Throughout Quincey’s eight years as chief government, Coca-Cola’s annual revenues have risen by greater than $10bn to $47bn. Its inventory value rose by 62 per cent — nearly double the rise of rival PepsiCo however only a third of the achieve within the S&P 500 index. Quincey, a 60-year-old UK native, managed Coca-Cola via two commerce wars below US President Donald Trump in addition to the Covid-19 pandemic. He oversaw efforts to broaden Coca-Cola’s manufacturers past the carbonated gentle drinks that make up greater than two-thirds of its international case volumes. Below Quincey, Coca-Cola took full possession of sports activities drink group Bodyarmor for $5.6bn in 2021, and it paid almost $1bn for full management of dairy producer Fairlife in 2020. Coca-Cola additionally acquired UK-based espresso store chain Costa for $5.1bn in 2018, a deal that uncovered the soda maker to sizzling drinks. Costa is now up on the market for a value of roughly £2bn ($2.7bn). Quincey advised analysts in October that “the funding speculation didn’t work out as we anticipated” as Costa didn’t ship sufficient development exterior of its shops. Coca-Cola’s relative power in gentle drinks volumes was cited by investor Elliott Administration because it took an activist stake in PepsiCo earlier than reaching a truce this week. The fund pointed to Coca-Cola’s system of promoting drinks via a community of impartial bottlers, in distinction with PepsiCo’s in-house method. In October, Coca-Cola and a accomplice bought a 75 per cent stake in Coca-Cola Drinks Africa to London-listed Coca-Cola Hellenic Bottling Firm for $2.6bn. Braun, 57, was born in California and raised in Brazil. “I’ll give attention to persevering with the momentum we’ve constructed with our system. We’ll work to unlock future development in partnership with our bottlers,” he stated. Quincey will develop into government chair after he steps down. Shares of Coca-Cola rose 0.2 per cent after-hours buying and selling on Wednesday.