Keurig Dr Pepper Inc. named main financial officer Ozan Dokmecioglu to lead the coffee and delicate drinks organization starting in July.

Dokmecioglu will change main govt officer Bob Gamgort, who has agreed to keep on in his role as executive chairman for two decades, the Burlington, Mass.-centered company mentioned Tuesday, confirming a report by Bloomberg Information.

“Ozan and I have worked side by facet for the past 6 years,” Gamgort explained in an emailed statement. “He is an extremely sturdy leader and has been a key architect of every single strategic selection at KDP in the course of that time.”

Dokmecioglu, 50, will be the second CEO of the 4-calendar year-old firm, which was formed by investment decision firm JAB through the merger of Keurig Environmentally friendly Mountain and Dr Pepper Snapple Team. Dokmecioglu also has been working Keurig Dr Pepper’s international enterprise, which accounts for extra than a tenth of the group’s revenue. He joined Keurig in 2016 after doing work in senior finance roles at Kellogg Co. and Kraft Foods.

Less than Gamgort, 59, Keurig Dr Pepper’s current market benefit has developed by about three-quarters to $54 billion considering that the merger. He also moved the company’s listing to the Nasdaq stock exchange in 2020 as section of a collection of steps developed to diversify its shareholder foundation.

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

Gamgort’s important concentrate for the duration of the upcoming two years will be on facilitating the changeover as very well as scoping out likely acquisitions to enhance shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just less than fifty percent in recent years, obtaining redistributed shares to investors in its own resources.

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

Thomas Buckley, Bloomberg


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