Keurig Dr Pepper has announced Chairman & CEO Bob Gamgort will begin to serve as executive chairman of KDP for two years beginning July 29, 2022, at which time, current Chief Financial Officer & President of International Ozan Dokmecioglu will become the company’s chief executive officer and a member of KDP’s board of directors.
Gamgort and Dokmecioglu will work in close partnership, as they have since the take-private transaction of Keurig Green Mountain in 2016 and the subsequent merger with the Dr Pepper Snapple Group. As CEO, Dokmecioglu will lead the execution of the company’s strategy and ensure continued operational excellence, while Gamgort, as executive chairman, will lead the board of directors and oversee the deployment of KDP’s discretionary cash flow. The process of recruiting a new CFO is already underway.
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The announcement follows the successful completion of KDP’s three-year merger integration period and provides clarity on succession with a thoughtful transition plan. It also reflects the opportunity ahead for KDP to drive significant value creation through strategic capital allocation, following the completion in 2021 of the company’s deleveraging phase, and a heightened focus on continued operational excellence in a challenging, unpredictable macroeconomic environment.
Gamgort states, “I am excited to partner with Ozan, our leadership team, and the KDP board of directors to drive continued growth and value creation. As we move into the next chapter for our modern beverage company, we’re establishing a leadership team that can guide the success of KDP well into the future.”
“I am honored to assume the role of KDP CEO at this important time for our company and look to the future excited by the enormous potential that lies ahead,” adds Dokmecioglu. “I am grateful for the ongoing partnership with Bob and the support of our board of directors and leadership team, as we continue to work together to drive outsized value creation.”