Keurig Dr Pepper Inc. named chief financial officer Ozan Dokmecioglu to lead the coffee and soft drinks company starting in July.
Dokmecioglu will replace chief executive officer Bob Gamgort, who has agreed to stay on in his role as executive chairman for two years, the Burlington, Mass.-based company said Tuesday, confirming a report by Bloomberg News.
“Ozan and I have worked side by side for the past six years,” Gamgort said in an emailed statement. “He is an exceptionally strong leader and has been a key architect of every strategic decision at KDP during that time.”
Dokmecioglu, 50, will be the second CEO of the 4-year-old company, which was formed by investment firm JAB through the merger of Keurig Green Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been running Keurig Dr Pepper’s international business, which accounts for more than a tenth of the group’s revenue. He joined Keurig in 2016 after working in senior finance roles at Kellogg Co. and Kraft Foods.
Under Gamgort, 59, Keurig Dr Pepper’s market value has grown by about three-quarters to $54 billion since the merger. He also moved the company’s listing to the Nasdaq stock exchange in 2020 as part of a series of measures designed to diversify its shareholder base.
The shares fell 0.7% to $38.11 in early trading Tuesday.
Gamgort’s key focus during the next two years will be on facilitating the transition as well as scoping out potential acquisitions to increase shareholder returns.
JAB controls about a third of Keurig Dr Pepper, down from just under half in recent years, having redistributed shares to investors in its own funds.
Keurig Dr Pepper has initiated a search for its next CFO to replace Dokmecioglu, the company said.
Thomas Buckley, Bloomberg