Quincey will take over the world's largest beverage maker at a time when more people are drinking less sugary soda, including its flagship Coke.
Quincey, who's worked at the beverage maker for about two decades, has led the company's drive to cut down sugar in its drinks and today said that he'll continue to do that as CEO.
He also said he'll push for more low-calorie beverages and to sell more soda in smaller cans and bottles.
In October, the Atlanta company said its third-quarter profit fell 28 percent.
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Quincey will become CEO on May 1. The 51-year-old was named president and chief operation officer last year. Kent, 64, will continue as chairman of the board after he steps down as CEO. He has been CEO for more than eight years and first joined the company nearly 40 years ago.
Analysts at Stifel said "job one" for Quincey is to improve revenue growth.
Billionaire investor Warren Buffett, whose holding company Berkshire Hathaway Inc is Coca-Cola's largest shareholder, said he was pleased with the succession plans.
"I know James and like him," Buffett said in a statement, "and believe the company has made a smart investment in its future with his selection."
Shares of The Coca-Cola Co rose USD 1.12, or 2.7 percent, to USD 42.10 in midday trading today.
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