Coca-cola Chief Operating Officer Henrique Braun will succeed James Quincey as CEO next year, the company said Wednesday, as Coke and its rivals navigate tepid consumer demand for soft drinks.

The change will take effect on March 31, and Braun will be nominated to the company’s board of directors, Coca-Cola said. Quincey will stay on with the company as executive chairman of its board.

Quincey, 60, has held the top job at the beverage giant since 2017. During that time, he oversaw the refranchising of Coke’s bottling system, the company’s strategy through the Covid pandemic and its focus on beverages perceived as healthier.

Braun, 57, has held various roles at Coke since joining the company in 1996, the same year that Quincey joined. Braun became COO at the beginning of the year.

In a release, Coca-Cola said Braun will focus on identifying new growth opportunities around the world, better filling consumer needs and improving the company’s technology.

The leadership change comes as the beverage company tries to reverse slower demand for its sodas, which still account for a significant amount of its global sales. In Coke’s third-quarter, global unit case volume — which strips out pricing and foreign currency changes — rose 1% after falling in the previous three-month period.

Quincey has said lower-income consumers have bought fewer of its drinks, and the company has rolled out cheaper and smaller versions of its products to try to reverse the trend. However, pricier brands like Smartwater and Fairlife have performed better than its soda segment in recent quarters, suggesting that consumers are willing to pay more for some brands.

Coca-Cola has also largely outperformed rival Pepsico during Quincey’s tenure, in part due to its stronger out-of-home business in venues like restaurants and movie theaters.

Coke is also winning the soda wars. Its namesake soda has held onto its spot as the best-selling soda in the U.S., and Sprite surpassed Pepsi to become the No. 3 soda in the nation.

Coke shares were largely unchanged in extended trading Wednesday. The company’s stock has climbed nearly 13% this year, while Pepsi shares have fallen more than 1%.

Coke’s market cap of more than $300 billion outstrips that of Pepsi, which has a market value of roughly $200 billion.