The Keurig Dr Pepper board of directors has appointed Ozan Dokmecioglu, currently CFO and president of International, as the company's next CEO, 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. It also reflects the opportunity 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.
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 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 said, "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 added, "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. 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.”
