Coca-Cola Co.

said chief executive James Quincey is stepping down and will be replaced at the end of March by Henrique Braun, the company’s chief operating officer.

Quincey, who is 60 and has been chief executive for nine years, will transition to executive chairman, according to the company. He is currently chairman of the company’s board.

Coca-Cola shares were little changed in extended trading in New York following the announcement.

Quincey assumed the chief executive role on May 1, 2017, and helped to pull the company out of a multiyear sales slump. Under his management, Coca-Cola shares rose more than 60 per cent, while the

S&P 500 Index

gained nearly 190 per cent over the same period.

His efforts have included diversifying Coca-Cola’s offerings beyond soda and into beverages aimed at more health-conscious consumers, including coffee, sports drinks and Fairlife protein-boosted milk. Under his tenure, Coca-Cola also paid US$5.1 billion for Costa Coffee, which it is now considering selling.

Braun may need to further expand to new areas, according to John Sicher, a beverage industry consultant.

“Coke did very well financially under Quincey, but the company needs to make some fundamental diversification moves to expand beyond carbonated soft drinks,” he said in an interview.

Braun, 57, rose through Coca-Cola’s ranks in a similar path to Quincey, who also served as chief operating officer, among other roles, prior to being named to the top post. Both joined the company in 1996.

“Henrique is a trusted and highly experienced business partner, and he’s the right leader to steer the company,” Quincey said in a statement.

Braun spent years working in North America, Europe, Latin America and Asia, the company said. He served as president of Coca-Cola’s international development before becoming chief operating officer, where he oversaw all of the company’s operating units worldwide, at the start of this year.

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“I will focus on continuing the momentum we’ve built with our system,” Braun said in a statement. “We’ll work to unlock future growth in partnership with our bottlers.”

Braun is a U.S. citizen who was born in California and raised in Brazil, according to the company.

With assistance from Anne Cronin and Michelle Fay Cortez

Bloomberg.com