Tim Cofer joins Company as COO, will
assume CEO role in Q2 2024
Chairman & CEO Bob Gamgort will guide
transition and then serve as Executive Chairman
BURLINGTON, Mass. and FRISCO,
Texas, Sept. 20,
2023 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ:
KDP) today announced the appointment of Tim
Cofer as Chief Operating Officer, reporting to Chairman
& CEO Bob Gamgort, as a key step
in the Company's CEO succession plan. Cofer, who will join
KDP on Nov. 6, 2023, will work side
by side with Gamgort while in a COO capacity, with a planned
transition to CEO in the second quarter of 2024. Gamgort will
serve as Executive Chairman of KDP after the transition
occurs.
Cofer is a seasoned consumer packaged goods executive, with more
than 30 years of multinational experience and a strong track record
of driving growth, leading transformations and creating shareholder
value. He currently serves as CEO of Central Garden & Pet
Company (NASDAQ: CENT) (NASDAQ: CENTA) (Central), where he has
overseen a multi-year period of double-digit revenue and profit
growth and a series of strategic acquisitions.
Prior to joining Central in 2019, Cofer spent more than 25 years
with Mondelēz International and its predecessor company, Kraft
Foods, with responsibility across a wide range of product
categories, including coffee, chocolate and packaged food. In his
last position as EVP and Chief Growth Officer, he was a critical
architect behind the company's successful growth strategy. He
previously led several global regions, including as President of
Asia Pacific, Middle East & Africa Mondelēz
International and President of Kraft Foods Europe. In his
U.S.-focused roles of President of Kraft Pizza Company and
President of Oscar Mayer Foods, he oversaw manufacturing and
distribution operations, including a nationwide direct store
delivery network. He also led the global integration of Kraft and
Cadbury, delivering on the merger's strategic and financial
objectives while nurturing a combined high-performing culture.
KDP's succession plan provides for a robust transition period,
during which Cofer will help drive the Company's strategic growth
agenda and oversee operations with Gamgort. Collaborating
with KDP's Executive Leadership Team (ELT), Cofer will play a
significant leadership role in each of the Company's business
segments.
Commenting on the announcement, Gamgort stated, "Tim is the
ideal person to lead KDP in its next chapter. With his
background as a successful public company CEO and a veteran CPG
executive, Tim steps into this role with the experience and
capabilities that will propel KDP's growth journey. I'm fully
committed, as is our entire ELT, to supporting Tim as he prepares
to assume the CEO role. When the transition occurs, I will
lead the Board of Directors as Executive Chairman."
"I'm passionate about leading great companies, building iconic
brands and developing exceptional people and teams, which, when
combined, generate significant shareholder value," stated
Cofer. "KDP is uniquely positioned as a pure-play beverage
company with powerful brand equities in attractive categories,
shepherded by an incredible team. I'm honored and excited to add to
its legacy."
KDP Lead Independent Director Paul Michaels stated,
"The process the Board took in evaluating KDP's next CEO was
thoughtful and comprehensive, including the consideration of
internal and external candidates. We are confident that Tim's
extensive CPG experience and growth-oriented leadership will make
him a very strong next CEO of KDP."
ABOUT KEURIG DR PEPPER
Keurig Dr Pepper (KDP) is a
leading beverage company in North
America, with annual revenue of more than $14 billion and approximately 28,000 employees.
KDP holds leadership positions in liquid refreshment beverages,
including soft drinks, specialty coffee and tea, water, juice and
juice drinks and mixers, and markets the #1 single serve coffee
brewing system in the U.S. and Canada. The Company's portfolio of more than
125 owned, licensed and partner brands is designed to satisfy
virtually any consumer need, any time, and includes Keurig®, Dr
Pepper®, Canada Dry®, Clamato®, CORE®, Green Mountain Coffee
Roasters®, Mott's®, Snapple®, and The Original Donut Shop®. Through
its powerful sales and distribution network, KDP can deliver its
portfolio of hot and cold beverages to nearly every point of
purchase for consumers. The Company's Drink Well. Do Good.
corporate responsibility platform is focused on the greatest
opportunities for impact in the environment, its supply chain, the
health and well-being of consumers and with its people and
communities. For more information, visit
www.keurigdrpepper.com.
Contacts:
Media:
Katie Gilroy
T: 781-418-3345/ katie.gilroy@kdrp.com
Investors:
Jane Gelfand
T: 888-340-5287 / jane.gelfand@kdrp.com
Chethan Mallela
T: 888-340-5287 / chethan.mallela@kdrp.com
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SOURCE Keurig Dr Pepper Inc.