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

Keurig Dr Pepper Inc. named chief economic officer Ozan Dokmecioglu to lead the coffee and gentle drinks company starting up in July.

Dokmecioglu will substitute chief government officer Bob Gamgort, who has agreed to remain on in his position as govt chairman for two years, the Burlington, Mass.-centered company stated Tuesday, confirming a report by Bloomberg Information.

“Ozan and I have labored facet by side for the past 6 yrs,” Gamgort explained in an emailed statement. “He is an exceptionally potent chief and has been a crucial architect of just about every strategic decision at KDP throughout that time.”

Dokmecioglu, 50, will be the second CEO of the 4-calendar year-old organization, which was fashioned by financial commitment company JAB via the merger of Keurig Environmentally friendly Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been jogging Keurig Dr Pepper’s global company, which accounts for a lot more than a tenth of the group’s revenue. He joined Keurig in 2016 right after doing work in senior finance roles at Kellogg Co. and Kraft Meals.

Below Gamgort, 59, Keurig Dr Pepper’s market worth has grown by about three-quarters to $54 billion considering the fact that the merger. He also moved the company’s listing to the Nasdaq inventory exchange in 2020 as aspect of a collection of measures made to diversify its shareholder foundation.

The shares fell .7% to $38.11 in early buying and selling Tuesday.

Gamgort’s vital aim for the duration of the future two several years will be on facilitating the changeover as perfectly as scoping out potential acquisitions to maximize shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just less than fifty percent in current yrs, possessing redistributed shares to traders in its possess money.

Keurig Dr Pepper has initiated a look for for its up coming CFO to substitute Dokmecioglu, the enterprise mentioned.

Thomas Buckley, Bloomberg