By Juveria Tabassum Dec 10 (Reuters) – Coca-Cola named insider Henrique Braun as its new CEO on Wednesday, replacing James Quincey, as packaged food companies try to adjust their strategies to consumers looking for healthier and more affordable drinks and snacks. The company's portfolio of zero-sugar beverages, as well as its more premium product lines such as Fairlife milk, have held Coca-Cola in better shape in a choppy consumer landscape, in contrast to rivals such as PepsiCo. The consumer goods sector has seen a slew of C-suite changes this year as companies navigate a bifurcated consumer environment, as well as supply chain and operational challenges due to tariffs. Both Quincey and Braun joined the company in 1996 and have held leadership roles across the globe for Coca-Cola. Braun, 57, will take over as the beverage giant's CEO effective March 31, while Quincey will transition to the role of executive chairman, the company said. Braun was named Coca-Cola's chief operating officer in January, with company experience in units such as supply chain, new business development and bottling operations. "I will focus on continuing the momentum we've built with our system. We'll work to unlock future growth in partnership with our bottlers," Braun said in a statement. Quincey has been at the helm during a period where the soda maker sharpened its focus on zero-sugar and low-calorie drinks and added product lines such as milk, sparkling water, coffee and energy drinks through acquisitions. Coca-Cola's stock price has risen nearly 63% since Quincey, 60, took over as CEO in May 2017. The company's forward price-to-earnings multiple, a common benchmark for valuing stocks, is 21.86, compared with 16.93 for PepsiCo and 13.47 for Keurig Dr Pepper, according to data compiled by LSEG. "Quincey set a high bar. Investors should expect the new CEO to continue to refresh the portfolio of brands," said Kimberly Forrest, chief investment officer at Bokeh Capital Partners. The move comes at a time when Coca-Cola also deals with a tougher regulatory environment for packaged foods in the U.S., and is trying to roll out a cane sugar version of its trademark soda in the country in glass bottles. Growing demand for low-calorie products was dragging sales for its trademark Coke, while a shift to local products was impacting demand in countries such as India and China, executives said in October. Braun has been president of Coca-Cola's business units in Brazil, Greater China and South Korea, and was also president of its International Development unit during his time at the company thus far. (Reporting by Juveria Tabassum in Bengaluru; Editing by Alan Barona)
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