September 27, 2022

mindbodybusiness

The Business Effect

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

Keurig Dr Pepper Inc. named main economic officer Ozan Dokmecioglu to lead the coffee and comfortable beverages enterprise setting up in July.

Dokmecioglu will substitute chief executive officer Bob Gamgort, who has agreed to continue to be on in his role as government chairman for two years, the Burlington, Mass.-primarily based corporation stated Tuesday, confirming a report by Bloomberg Information.

“Ozan and I have worked aspect by side for the previous 6 many years,” Gamgort mentioned in an emailed statement. “He is an exceptionally powerful leader and has been a crucial architect of each individual strategic choice at KDP throughout that time.”

Dokmecioglu, 50, will be the next CEO of the 4-calendar year-previous business, which was shaped by expenditure business JAB as a result of the merger of Keurig Eco-friendly Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been running Keurig Dr Pepper’s global small business, which accounts for a lot more than a tenth of the group’s income. He joined Keurig in 2016 soon after performing in senior finance roles at Kellogg Co. and Kraft Foodstuff.

Less than Gamgort, 59, Keurig Dr Pepper’s market worth has grown by about 3-quarters to $54 billion since the merger. He also moved the company’s listing to the Nasdaq stock trade in 2020 as portion of a series of steps created to diversify its shareholder base.

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

Gamgort’s critical emphasis during the following two many years will be on facilitating the transition as well as scoping out opportunity acquisitions to enhance shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just below 50 % in the latest many years, obtaining redistributed shares to buyers in its own cash.

Keurig Dr Pepper has initiated a research for its next CFO to change Dokmecioglu, the firm claimed.

Thomas Buckley, Bloomberg