Coca-Cola announced that Chief Operating Officer Henrique Braun will succeed James Quincey as CEO on March 31, while Quincey will become executive chairman.

Quincey, 60, has led the company since 2017, overseeing bottling refranchising, pandemic strategies, and a push toward healthier beverages.

Braun, 57, who joined Coke in 1996, became COO earlier this year and will focus on global growth, consumer needs, and technology improvements.

The leadership change comes as Coca-Cola faces slower soda demand, though premium brands like Smartwater and Fairlife are performing well, CNBC has reported.

Under Quincey, Coca-Cola has outperformed Pepsi, maintaining its lead in U.S. soda sales and growing its market value to over $300 billion.