Keurig Dr Pepper Inc. (KDP) has announced the appointment of finance chief Ozan Dokmecioglu as its new chief executive officer, succeeding current chairman and CEO Bob Gamgort.
As part of the succession plan, Gamgort will serve as executive chairman for two years to support the transition.
Gamgort has agreed to continue as a significant investor in the company, maintaining at least half of his Keurig Dr Pepper shareholdings during his tenure as executive chairman.
'Growth And Value Creation'
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."
Dokmecioglu will assume his new role and join the company’s board of directors on 29 July 2022.
The announcement follows the successful completion of Keurig Dr Pepper's three-year merger integration period.
"I am honoured 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," Dokmecioglu said.
"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.
Roles And Responsibilities
In his new role, Dokmecioglu will lead the execution of the company's strategy and ensure continued operational performance.
As executive chairman, Gamgort will lead the board of directors and supervise the deployment of the company’s discretionary cash flow.
The process of recruiting a CFO to succeed Dokmecioglu is already underway, the company added.
Lead independent director at Keurig Dr Pepper, 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."