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

Keurig Dr Pepper Inc. named chief fiscal officer Ozan Dokmecioglu to guide the coffee and tender beverages firm starting in July.

Dokmecioglu will substitute chief executive officer Bob Gamgort, who has agreed to continue to be on in his part as govt chairman for two decades, the Burlington, Mass.-based mostly firm mentioned Tuesday, confirming a report by Bloomberg News.

“Ozan and I have worked aspect by facet for the earlier six many years,” Gamgort reported in an emailed assertion. “He is an extremely robust leader and has been a crucial architect of each individual strategic selection at KDP in the course of that time.”

Dokmecioglu, 50, will be the 2nd CEO of the 4-year-previous firm, which was formed by investment business JAB as a result of the merger of Keurig Environmentally friendly Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been jogging Keurig Dr Pepper’s worldwide organization, which accounts for more than a tenth of the group’s profits. He joined Keurig in 2016 following working in senior finance roles at Kellogg Co. and Kraft Foods.

Less than Gamgort, 59, Keurig Dr Pepper’s current market price has grown by about 3-quarters to $54 billion considering the fact that the merger. He also moved the company’s listing to the Nasdaq stock trade in 2020 as element of a sequence of measures designed to diversify its shareholder foundation.

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

Gamgort’s key focus through the subsequent two many years will be on facilitating the transition as very well as scoping out possible acquisitions to enhance shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just below fifty percent in current years, getting redistributed shares to buyers in its personal cash.

Keurig Dr Pepper has initiated a search for its future CFO to replace Dokmecioglu, the corporation explained.

Thomas Buckley, Bloomberg