Dokmecioglu to become CEO later this year
CEO Bob Gamgort
to remain Executive Chairman for two years to support the
BURLINGTON, Mass. and FRISCO, Texas, April 5,
2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ:
KDP) today announced a CEO transition plan that leverages the
successful partnership between Chairman & CEO Bob Gamgort and CFO Ozan
Dokmecioglu to ensure continuity of the Company's leadership
and strategic direction, while strengthening KDP's focus on
deploying its exceptional discretionary free cash flow to create
The KDP Board of Directors has appointed Ozan Dokmecioglu, currently Chief Financial
Officer & President of International, as the Company's next
Chief Executive Officer, effective July
29, 2022. Dokmecioglu will join the Company's Board of
Directors at that time. Bob
Gamgort, currently Chairman and CEO, has committed to serve
as Executive Chairman of KDP for two years.
The announcement follows the successful completion of KDP's
three-year merger integration period, including building the
strength of the management team, and provides clarity on succession
with a thoughtful transition plan. It also reflects the
unique 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 and unpredictable macroeconomic environment.
Gamgort and Dokmecioglu will work in close partnership, as they
have since the take-private transaction of Keurig Green Mountain in
2016 and subsequent merger with the Dr Pepper Snapple Group,
collaborating on driving the strategic direction of the Company and
maximizing the value creation potential of KDP. As CEO,
Dokmecioglu will lead the execution of the Company's strategy and
ensure continued operational excellence, both of which have enabled
KDP to meet or exceed its public commitments, while Gamgort, as
Executive Chairman, will lead the Board of Directors and oversee
the deployment of KDP's significant discretionary cash flow.
KDP's talented and experienced senior team will continue in their
current roles, with the process for recruiting a CFO to succeed
Dokmecioglu already underway.
Commenting on the announcement, Gamgort stated, "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."
As part of the transition, Gamgort and KDP have entered into an
agreement for his role as Executive Chairman, in which Gamgort has
committed to remaining a significant investor in KDP, maintaining
at least half of his KDP shareholdings during his tenure as
"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," stated 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," he added.
KDP Lead Independent Director Paul
Michaels stated, "We are pleased to appoint Ozan as our next
CEO after a thorough succession planning process, including the
consideration of internal and external candidates. Ozan is an
exceptionally strong leader with the skills, experience, values and
perspective to lead KDP into the future. We are also
fortunate to have Bob in a position to continue working closely
with Ozan and the leadership team over the next few years."
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a
leading beverage company in North
America, with annual revenue approaching $13 billion and approximately 27,000 employees.
KDP holds leadership positions in 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 the owned
brands of Keurig®, Dr Pepper®, Green Mountain Coffee Roasters®,
Canada Dry®, Snapple®, Bai®, Mott's®, CORE® 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 is committed to
sourcing, producing and distributing its beverages responsibly
through its Drink Well. Do Good. corporate responsibility platform,
including efforts around circular packaging, efficient natural
resource use and supply chain sustainability. For more information,
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These statements are based on the current expectations of our
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results may differ materially.
Forward-looking statements are subject to a number of risks and
uncertainties, including the factors disclosed in our Annual Report
on Form 10-K and subsequent filings with the SEC. We are under no
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Keurig Dr Pepper
T: 972-673-6769 / firstname.lastname@example.org
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SOURCE Keurig Dr Pepper Inc.