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

Keurig Dr Pepper Inc. named main economical officer Ozan Dokmecioglu to direct the espresso and comfortable drinks company setting up in July.

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

“Ozan and I have labored side by facet for the past 6 a long time,” Gamgort reported in an emailed statement. “He is an extremely solid chief and has been a critical architect of each strategic conclusion at KDP for the duration of that time.”

Dokmecioglu, 50, will be the second CEO of the 4-year-aged business, which was shaped by expenditure company JAB through the merger of Keurig Eco-friendly Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been functioning Keurig Dr Pepper’s worldwide small business, which accounts for additional than a tenth of the group’s income. He joined Keurig in 2016 after performing in senior finance roles at Kellogg Co. and Kraft Foods.

Underneath Gamgort, 59, Keurig Dr Pepper’s market place benefit has grown by about a few-quarters to $54 billion since the merger. He also moved the company’s listing to the Nasdaq inventory trade in 2020 as section of a sequence of steps created to diversify its shareholder base.

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

Gamgort’s key focus for the duration of the upcoming two yrs will be on facilitating the transition as well as scoping out likely acquisitions to maximize shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just beneath 50 % in new decades, having redistributed shares to investors in its individual cash.

Keurig Dr Pepper has initiated a look for for its upcoming CFO to switch Dokmecioglu, the enterprise stated.

Thomas Buckley, Bloomberg