Coca-Cola CEO James Quincy will retire effective March 31, the company announced . He will be succeeded by Chief Operating Officer Henrik Brown. The company did not specify the reasons for the reshuffle.
As CNBC notes , the decision comes at a time when Coca-Cola and its competitors are facing weak demand for carbonated beverages and are trying to adapt their assortments to consumers focused on healthier products. That said, Coca-Cola's sugar-free beverage portfolio, as well as more premium lines such as Fairlife milk, have kept the company in a more sustainable position - unlike other players in the sector like PepsiCo, Reuters points out .
Quincy has led Coca-Cola since 2017, overseeing, among other things, strategy during the COVID-19 pandemic and a shift in focus toward beverages that are considered healthier, and he will transition to the position of executive chairman.
The company said the new CEO will focus on new growth opportunities around the world, meeting consumer needs and applying technology to improve efficiency and grow the business.
"Quincy has set the bar high. Investors should expect the new CEO to continue to refresh the brand portfolio," Kimberly Forrest, chief investment officer at Bokeh Capital Partners, commented on the reshuffle in an interview with Reuters.
The company's shares initially declined slightly in the Dec. 10 postmarket, then recovered losses and moved up 0.1%. They are up about 13% this year, but have been under pressure over the past month. The S&P 500 index, by comparison, is up 17% since the beginning of the year.
This article was AI-translated and verified by a human editor
