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

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

Dokmecioglu will replace chief executive officer Bob Gamgort, who has agreed to keep on in his position as executive chairman for two several years, the Burlington, Mass.-based mostly enterprise explained Tuesday, confirming a report by Bloomberg Information.

“Ozan and I have worked facet by facet for the previous 6 years,” Gamgort reported in an emailed assertion. “He is an extremely potent chief and has been a key architect of every single strategic final decision at KDP for the duration of that time.”

Dokmecioglu, 50, will be the 2nd CEO of the 4-year-old corporation, which was shaped by investment decision agency JAB as a result of the merger of Keurig Eco-friendly Mountain and Dr Pepper Snapple Team. Dokmecioglu also has been running Keurig Dr Pepper’s worldwide company, which accounts for much more than a tenth of the group’s profits. He joined Keurig in 2016 just after doing the job in senior finance roles at Kellogg Co. and Kraft Food items.

Less than Gamgort, 59, Keurig Dr Pepper’s industry 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 exchange in 2020 as portion of a series of steps made to diversify its shareholder foundation.

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

Gamgort’s important aim throughout the next two many years will be on facilitating the changeover as nicely as scoping out prospective acquisitions to maximize shareholder returns.

JAB controls about a third of Keurig Dr Pepper, down from just below 50 % in current a long time, obtaining redistributed shares to traders in its have resources.

Keurig Dr Pepper has initiated a lookup for its following CFO to replace Dokmecioglu, the business mentioned.

Thomas Buckley, Bloomberg