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

Keurig Dr Pepper Inc. named chief economical officer Ozan Dokmecioglu to guide the espresso and smooth beverages enterprise beginning in July.

Dokmecioglu will change chief govt officer Bob Gamgort, who has agreed to keep on in his position as government chairman for two decades, the Burlington, Mass.-primarily based organization explained Tuesday, confirming a report by Bloomberg News.

“Ozan and I have labored side by aspect for the past six many years,” Gamgort mentioned in an emailed assertion. “He is an exceptionally solid chief and has been a key architect of each and every strategic determination at KDP throughout that time.”

Dokmecioglu, 50, will be the 2nd CEO of the 4-12 months-outdated firm, which was shaped by financial commitment agency JAB through the merger of Keurig Eco-friendly Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been working Keurig Dr Pepper’s intercontinental small business, which accounts for extra than a tenth of the group’s income. He joined Keurig in 2016 after performing in senior finance roles at Kellogg Co. and Kraft Food items.

Below Gamgort, 59, Keurig Dr Pepper’s market price has grown by about 3-quarters to $54 billion given that the merger. He also moved the company’s listing to the Nasdaq stock exchange in 2020 as element of a collection of measures developed to diversify its shareholder base.

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

Gamgort’s crucial concentration through the subsequent two years will be on facilitating the changeover as perfectly as scoping out opportunity acquisitions to boost shareholder returns.

JAB controls about a third of Keurig Dr Pepper, down from just under half in latest many years, obtaining redistributed shares to buyers in its own cash.

Keurig Dr Pepper has initiated a research for its upcoming CFO to substitute Dokmecioglu, the business mentioned.

Thomas Buckley, Bloomberg