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

Keurig Dr Pepper Inc. named chief money officer Ozan Dokmecioglu to direct the coffee and gentle drinks corporation starting off in July.

Dokmecioglu will substitute main executive officer Bob Gamgort, who has agreed to keep on in his function as executive chairman for two a long time, the Burlington, Mass.-based firm said Tuesday, confirming a report by Bloomberg News.

“Ozan and I have labored aspect by aspect for the previous six decades,” Gamgort said in an emailed statement. “He is an extremely sturdy chief and has been a essential architect of each strategic decision at KDP all through that time.”

Dokmecioglu, 50, will be the second CEO of the 4-year-outdated firm, which was fashioned by investment decision company JAB by way of the merger of Keurig Environmentally friendly Mountain and Dr Pepper Snapple Team. Dokmecioglu also has been managing Keurig Dr Pepper’s worldwide business, which accounts for more than a tenth of the group’s income. He joined Keurig in 2016 soon after working in senior finance roles at Kellogg Co. and Kraft Meals.

Under Gamgort, 59, Keurig Dr Pepper’s market benefit has grown by about a few-quarters to $54 billion given that the merger. He also moved the company’s listing to the Nasdaq stock exchange in 2020 as section of a sequence of actions made to diversify its shareholder foundation.

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

Gamgort’s essential concentration in the course of the up coming two a long time will be on facilitating the transition as nicely as scoping out likely acquisitions to maximize shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just underneath 50 percent in modern decades, having redistributed shares to traders in its have funds.

Keurig Dr Pepper has initiated a search for its up coming CFO to swap Dokmecioglu, the business mentioned.

Thomas Buckley, Bloomberg