Henrique Braun
COCA COLAAbout Henrique Braun
Executive Vice President and Chief Operating Officer of The Coca-Cola Company (effective Jan 1, 2025); previously EVP and President, International Development, and senior leadership roles across Greater China & Korea, Brazil, and Latin America; age 56; joined Coca-Cola in 1996. Education: B.S. in Agricultural Engineering (Federal University of Rio de Janeiro), M.S. (Michigan State University), MBA (Georgia State University) . Company performance context (2024): Organic revenue growth 12%, comparable currency neutral operating income growth 16%, comparable EPS growth 7% (reported EPS 0%); free cash flow excluding IRS deposit $10.8B . Annual incentive Business Performance Factor was 190% for 2024, reflecting above-target results on core financial measures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Coca-Cola Company | President, Greater China & Korea BU | Apr 2013–Aug 2016 | Led key Asia markets during portfolio and execution transformation . |
| The Coca-Cola Company | President, Brazil BU | Sep 2016–Sep 2020 | Drove market execution and growth in Brazil . |
| The Coca-Cola Company | President, Latin America Operating Unit | Oct 2020–Dec 2022 | Led regional operations across Latin America . |
| The Coca-Cola Company | President, International Development (EVP Jan 2024) | Jan 2023–Dec 2024 | Oversaw seven operating units (Latin America; Japan & South Korea; ASEAN & South Pacific; Greater China & Mongolia; Africa; India & SW Asia; Eurasia & Middle East) . |
| The Coca-Cola Company | EVP & Chief Operating Officer | Effective Jan 1, 2025 | Responsible for all global operating units; added oversight of North America and Europe . |
External Roles
No public company board roles or external directorships disclosed in company documents .
Fixed Compensation
| Component | 2023 | 2024 | 2025 (effective) |
|---|---|---|---|
| Base Salary ($) | $700,000 | $735,000 | $1,050,000 (effective Jan 1, 2025) |
Perquisites and other benefits (2024):
- Aircraft personal use: $179,697; two personal trips permitted (no tax gross-up) .
- International Service Program: $25,164 (tax equalization) .
- Tax reimbursement (business travel-related): $17,401 .
- Company contributions to 401(k) and Supplemental 401(k): $83,606 .
- Life insurance premiums: $1,600 .
Performance Compensation
Annual Incentive (AIP) – Design and Outcomes
| Metric | Target | Actual (2024) | Result | Weighting | Weighted Result |
|---|---|---|---|---|---|
| Net Operating Revenue Growth (organic) | 7.5% | 12.0% | 200% | 45% | 90% |
| Operating Income Growth (comp currency neutral, adjusted for structural changes) | 10.0% | 18.0% | 200% | 45% | 90% |
| Inclusion Components | Progress | All achieved | 100% | 10% | 10% |
| Company Business Performance Factor | 190% |
Additional AIP details:
- Target annual incentive (2024): 125% of base salary; increased to 175% effective Jan 1, 2025 .
- Individual Performance Amount (2024): 10% awarded for contributions to growth, system alignment, digital scale, and talent agenda .
- Actual AIP paid (2024): $1,837,500 (non‑equity incentive plan compensation) .
Long-Term Incentive (LTI) – 2024 Grants
| Award Type | Grant Date | Target Shares/Options | Grant-Date Fair Value ($) | Key Terms |
|---|---|---|---|---|
| PSUs | Feb 28, 2024 | 29,240 | $1,671,066 | 3-year performance (2024–2026); 30% net op rev growth, 30% EPS growth, 30% FCF, 10% sustainability (rPET & water); relative TSR modifier vs S&P 500 Consumer Staples . |
| Stock Options | Feb 28, 2024 | 146,201 | $1,502,946 | Strike $60.28; 10-year term; vest 25% annually on 2/28/2025, 2/27/2026, 2/26/2027, 2/29/2028 . |
PSU program status:
- 2022–2024 PSU payout certified at 190%: financial measures above maximum; sustainability mixed; TSR modifier neutral .
- Braun earned 41,904 PSUs from the 2022–2024 program; has 57,046 (2023–2025, max level) and 58,480 (2024–2026, max level) unearned PSUs outstanding .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 519,529 shares (includes 12,931 401(k) credits and 428,855 options exercisable or becoming exercisable by May 2, 2025; excludes 7,440 Supplemental 401(k) share units which settle in cash) . |
| Ownership as % of Outstanding | Less than 1% . |
| 2024 Option Exercises | 57,298 options exercised; value realized $1,214,311 . |
| Outstanding Options (selected grants) | Exercisable/unexercisable across multiple grants; e.g., 2016–2023 awards and 2024 grant (146,201 unexercisable as of YE 2024) with strikes and expirations per table . |
| Outstanding PSUs | 41,904 earned (2022–2024); 57,046 (2023–2025, max) and 58,480 (2024–2026, max) unearned . |
| Pledging/Hedging | Prohibited for Directors and Section 16 Officers; short sales and pledging barred under Insider Trading Policy . |
| Ownership Guidelines | Executives must meet share ownership guidelines; all NEOs in compliance; Braun specifically required to reach 5x base salary, with extended time to Dec 31, 2026 due to increased guideline . |
| Share Retention | Must retain 50% of net shares until guideline met or separation; broader share retention policy applies . |
Employment Terms
- Appointment & role: EVP & COO effective Jan 1, 2025; principal location Atlanta, Georgia .
- Base salary: $1,050,000 (effective Jan 1, 2025) .
- Annual incentive: Eligible for AIP; target set at 175% of salary from 2025 .
- Long-term incentive: Eligible under LTI program at levels aligned to role; mix and sizing at Committee discretion .
- Ownership guideline: 5x salary, with additional two years (until Dec 31, 2026) to meet increased requirement .
- Aircraft use: Business use approved; personal use allowed with CEO pre‑approval; imputed taxable income; no tax gross‑ups .
- Agreements: Required to enter confidentiality, non‑competition, and non‑solicitation agreements .
- Severance: Covered by TCCC Severance Plan; maximum cash severance equals two years of base pay (lump sum) .
- Change‑in‑control: Equity awards have double‑trigger treatment; options/RSUs vest upon termination without cause within one year; PSUs vest with timing/level rules and proration if terminated without cause within two years .
- Clawback: SEC/NYSE‑aligned recoupment for incentive compensation upon restatement and specified conduct; additional recoupment provisions for policy violations and reputational harm .
- Hedging/pledging: Prohibited for Directors and Section 16 Officers .
- Share retention: Required until ownership guideline met .
Compensation & Benefits Detail (NEO disclosures)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $700,000 | $726,250 |
| Stock Awards (PSUs, $) | $1,613,831 | $1,671,066 |
| Option Awards ($) | $1,403,312 | $1,502,946 |
| Non‑Equity Incentive ($) | $1,662,500 | $1,837,500 |
| Change in Pension Value & Deferred Earnings ($) | $321,024 | $297,443 |
| All Other Compensation ($) | $1,246,446 | $324,601 |
| Total ($) | $6,947,113 | $6,359,806 |
Retirement benefits (present value at YE 2024):
- TCCC Pension Plan: $753,354 .
- TCCC Supplemental Pension Plan: $1,508,004 .
Performance & Track Record
- Recognized internal operator across regions; track record cited by CEO for driving growth strategy, operational accomplishments, and talent development .
- Company performance used in pay programs: AIP based on organic net revenue and operating income growth; PSUs based on net revenue CAGR, EPS CAGR, cumulative FCF, sustainability, and relative TSR modifier .
Investment Implications
- Strong pay-for-performance alignment: 2024 AIP paid on a 190% Business Performance Factor tied to above-target organic revenue and operating income growth; PSUs weighted to growth and cash flow with TSR modifier, reducing headline risk from purely time-based equity .
- Retention risk appears mitigated by larger 2025 target incentive (175%) and substantial unearned PSUs/options vesting over multi-year horizons; share retention and ownership guidelines further align interests (5x salary guideline by 2026) .
- Insider liquidity events: 2024 option exercises ($1.21M realized) suggest periodic monetization but not outsized selling pressure; double‑trigger CIC terms and clawback reduce governance risk .
- Governance controls: Prohibitions on hedging/pledging, robust clawback, and no CIC tax gross‑ups or individual CIC agreements underscore shareholder‑friendly structures .