Keurig Dr Pepper creates CEO succession, promoting finance chief to top spot

Keurig Dr Pepper Inc. named main fiscal officer Ozan Dokmecioglu to direct the coffee and gentle beverages firm setting up in July.

Dokmecioglu will exchange main executive officer Bob Gamgort, who has agreed to keep on in his part as executive chairman for two decades, the Burlington, Mass.-dependent corporation explained Tuesday, confirming a report by Bloomberg Information.

“Ozan and I have worked aspect by side for the previous 6 several years,” Gamgort claimed in an emailed statement. “He is an exceptionally potent chief and has been a crucial architect of each and every strategic determination at KDP in the course of that time.”

Dokmecioglu, 50, will be the next CEO of the 4-year-old company, which was shaped by expense firm JAB by means of the merger of Keurig Inexperienced Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been functioning Keurig Dr Pepper’s international business, which accounts for additional than a tenth of the group’s earnings. He joined Keurig in 2016 immediately after working in senior finance roles at Kellogg Co. and Kraft Meals.

Less than Gamgort, 59, Keurig Dr Pepper’s marketplace price has developed by about a few-quarters to $54 billion because the merger. He also moved the company’s listing to the Nasdaq inventory exchange in 2020 as part of a series of measures intended to diversify its shareholder base.

The shares fell .7% to $38.11 in early trading Tuesday.

Gamgort’s key concentration throughout the up coming two several years will be on facilitating the changeover as properly as scoping out likely acquisitions to maximize shareholder returns.

JAB controls about a third of Keurig Dr Pepper, down from just under 50 % in recent several years, obtaining redistributed shares to investors in its individual funds.

Keurig Dr Pepper has initiated a research for its subsequent CFO to switch Dokmecioglu, the enterprise said.

Thomas Buckley, Bloomberg