The Atlanta beverage giant said its board elected Henrique Braun as CEO effective March 31. James Quincey, Coke’s current chairman and CEO, will transition to executive chairman of the company.

Braun, 57, has worked at Coca-Cola for three decades. Prior to assuming the COO role earlier this year, he led operations in Brazil, Latin America, Greater China and South Korea. He has held positions overseeing Coke’s supply chain, new business development, marketing, innovation, general management and bottling operations.

Braun was born in California and raised in Brazil. He holds a bachelor’s degree in agricultural engineering from the University Federal of Rio de Janeiro, a master of science degree from Michigan State University and an MBA from Georgia State University.

David Weinberg, Coca-Cola’s lead independent director, called Quincey, 60, a “transformative leader” who will continue to remain active in the business.

During Quincey’s nine years as CEO, Coke added more than 10 additional billion-dollar brands, including BodyArmor and Fairlife. He also brought Coke into the alcoholic drink market with Topo Chico Hard Seltzer, which went on sale in 2021.

In 2020, Quincey led a restructuring that reduced Coke’s brands by half and laid off thousands of employees. Quincey said Coke wanted to streamline its structure and focus its investments on fast-growing products like its Simply and Minute Maid juices.

But as Quincey steps down as CEO, Coke is facing numerous challenges, including tepid demand for its products in the U.S. and Europe and increasing customer scrutiny of its ingredients. This summer, after a nudge from President Donald Trump, Coke said it would release a version of its trademark Cola with cane sugar instead of high-fructose corn syrup.

Weinberg said the board is confident that Braun will build on the company’s strengths and seek out growth opportunities globally.

Coke shares were flat in after-market trading.