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

Keurig Dr Pepper Inc. named chief fiscal officer Ozan Dokmecioglu to lead the espresso and gentle drinks enterprise commencing in July.

Dokmecioglu will replace chief executive officer Bob Gamgort, who has agreed to keep on in his role as executive chairman for two years, the Burlington, Mass.-dependent enterprise reported Tuesday, confirming a report by Bloomberg News.

“Ozan and I have worked aspect by side for the previous 6 yrs,” Gamgort explained in an emailed assertion. “He is an extremely solid leader and has been a vital architect of every single strategic selection at KDP in the course of that time.”

Dokmecioglu, 50, will be the 2nd CEO of the 4-calendar year-aged business, which was fashioned by investment decision business JAB through the merger of Keurig Inexperienced Mountain and Dr Pepper Snapple Team. Dokmecioglu also has been operating Keurig Dr Pepper’s international business, which accounts for extra than a tenth of the group’s profits. He joined Keurig in 2016 soon after doing work in senior finance roles at Kellogg Co. and Kraft Meals.

Under Gamgort, 59, Keurig Dr Pepper’s market place 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 trade in 2020 as portion of a collection of steps made to diversify its shareholder foundation.

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

Gamgort’s crucial concentrate throughout the subsequent two many years will be on facilitating the changeover as very well as scoping out probable acquisitions to improve shareholder returns.

JAB controls about a third of Keurig Dr Pepper, down from just under 50 percent in the latest many years, owning redistributed shares to buyers in its own money.

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

Thomas Buckley, Bloomberg