- James Quincey is stepping down as Coca-Cola CEO as the landscape changes
- Quincey says AI is having a larger effect on business than expected
- Walmart's CEO has also stepped down to make way for AI-literate successor
Coca-Cola CEO James Quincey has confirmed he will be handing over the reins to a new leader amid the ongoing shift to AI tools, suggesting the technology is having far broader impacts than simply displacing some entry-level workers.
Speaking with CNBC, Quincey said he will be stepping down after nearly a decade in the role, having led the company since 2017, with current COO Henrique Braun set to take over with effect from the end of March.
And while it was Quincey's decision to go, it's clear that AI is even displacing C-suite execs with a clear emphasis on AI literacy going forward.
Coca-Cola CEO announces successor for the AI world
Quincey explained Braun would be better positioned to lead the company amid "waves of the organizational momentum."
"I concluded that, actually, it was time to put someone else on the field for the next wave of growth," he added.
The company posted $47.9 billion in revenue for its most recent full year, up from $35.4 billion for the 2017 fiscal year. "In a pre-AI, a pre-gen-AI mode, we made a lot of progress," he said, "but now there's a huge new shift coming along."
He also blamed "the changing nature of the consumers" for Coca-Cola's ongoing battle to retain market share, likely referencing healthy eating and drinking habits or maybe a shift in content consumption changing its advertising strategies.
Quincey isn't the only leader to announce an AI-induced resignation. Walmart's former CEO Douglas McMillon spoke about the change late last year, acknowledging the need to hand over responsibilities to someone "faster."
This came within weeks of the company being overtaken by Amazon as America's highest revenue earner.
With around 2.1 million employees, it remains the world's largest private-sector employer, however a recent shift into AI-powered supply chain optimization, customer-facing agents and other shopping experiences could be set to change that.
