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

Keurig Dr Pepper Inc. named chief fiscal officer Ozan Dokmecioglu to direct the espresso and soft drinks enterprise starting off in July.

Dokmecioglu will change main executive officer Bob Gamgort, who has agreed to stay on in his function as executive chairman for two many years, the Burlington, Mass.-based mostly corporation explained Tuesday, confirming a report by Bloomberg Information.

“Ozan and I have worked side by side for the earlier 6 decades,” Gamgort mentioned in an emailed statement. “He is an extremely sturdy chief and has been a critical architect of each strategic conclusion at KDP through that time.”

Dokmecioglu, 50, will be the next CEO of the 4-12 months-previous business, which was formed by investment organization JAB by the merger of Keurig Eco-friendly Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been managing Keurig Dr Pepper’s international enterprise, which accounts for more than a tenth of the group’s profits. He joined Keurig in 2016 just after doing work in senior finance roles at Kellogg Co. and Kraft Foodstuff.

Below Gamgort, 59, Keurig Dr Pepper’s market value has grown by about three-quarters to $54 billion due to the fact the merger. He also moved the company’s listing to the Nasdaq inventory exchange in 2020 as element of a collection of measures built to diversify its shareholder foundation.

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

Gamgort’s important target in the course of the future two a long time will be on facilitating the changeover as very well as scoping out possible acquisitions to increase shareholder returns.

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

Keurig Dr Pepper has initiated a research for its subsequent CFO to replace Dokmecioglu, the company stated.

Thomas Buckley, Bloomberg