Keurig Dr Pepper announced Thursday that CEO Ozan Dokmecioglu agreed to resign after violating the company’s code of conduct, less than four months into the job.
The beverage giant said the violations were not related to the company’s strategy, operations or financial reporting.
Keurig Dr Pepper’s board reappointed Bob Gamgort, chairman and former CEO, as chief executive.
Shares of the company rose 2% in morning trading on the news. Keurig Dr Pepper’s stock has risen 3% this year, increasing its market value to $54.4 billion.
Gamgort ceded the role to Dokmecioglu on July 29 as part of a previously announced succession plan. When the change was announced in April, the company said it looked at internal and external candidates for the role.
Prior to becoming CEO, Dokmecioglu served as chief financial officer for the company, helping Keurig Green Mountain go private in 2016 and with its merger with Dr Pepper Snapple in 2018.
Dokmecioglu, 50, served on Krispy Kreme’s
board of directors but resigned in September. The doughnut chain said in a regulatory filing that the transition was not caused by a disagreement with the company or the board and thanked Dokmecioglu for his service and contributions.
A second director, Patricia Capel, resigned at the same time. Capel is a director at JAB Holding, the investment arm of the Reimann family. JAB owned Krispy Kreme before it went public in 2021 and still owns roughly 45% of the company’s stock, according to Factset. Likewise, JAB owned a controlling stake in Keurig Green Mountain before the merger. Its subsidiary Maple Holdings still holds a 33% stake in Keurig Dr Pepper.
By Amelia Lucas
Consumer behaviors and preferences are evolving rapidly. With macro shifts in society, inflation and food supply challenges set to profoundly influence how people consume food and beverages, Givaudan is exploring what the world of dairy alternatives will look like in the coming decade.
After nearly three decades with AFI, Andersen is leaving to pursue a different career path “to work on diverse projects and explore opportunities to serve as board member”. Serving as CEO since 2010, Andersen joined AFI in 1994, initially overseeing applications and R&D. Over the years, he has maintained a strong focus on the whey business.
The Kraft Heinz Company has introduced five new members to its executive leadership team, who will collaborate with Carlos Abrams-Rivera upon assuming the CEO role in 2024. Pedro Navio will assume the position of North America president at the beginning of next year. In addition, Willem Brandt, Bruno Keller, Cory Onell and Diana Frost will join Abrams-Rivera and Navio on the executive leadership team.