KDP EXECUTIVE CHAIRMAN BOB GAMGORT TO REASSUME CEO ROLE FOLLOWING RESIGNATION OF OZAN DOKMECIOGLU

Rhea-AI Summary

Keurig Dr Pepper Inc. (NASDAQ: KDP) announced the resignation of CEO Ozan Dokmecioglu due to Code of Conduct violations. Bob Gamgort, the Executive Chairman and former CEO, has been reappointed as CEO while continuing as Chairman. The Board expressed gratitude for Gamgort's leadership and vision that have driven KDP's success. KDP, a leading North American beverage company, generates nearly $13 billion in annual revenue and holds significant market positions in various beverage categories.

Positive

• Bob Gamgort's reappointment may provide continuity in leadership and strategic direction.

Negative

• Ozan Dokmecioglu's resignation due to Code of Conduct violations raises concerns about corporate governance and management practices.

BURLINGTON, Mass. and FRISCO, Texas, Nov. 10, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced the resignation of Ozan Dokmecioglu as Chief Executive Officer and a member of the KDP Board of Directors.  Bob Gamgort, the Company's current Executive Chairman and former CEO, was reappointed by the Board to the role of CEO, in addition to continuing as Chairman.

Dokmecioglu agreed to resign due to violations of the Company's Code of Conduct that were unrelated to strategy, operations or financial reporting.

"Keurig Dr Pepper's Code of Conduct is built on a foundation of ethics, integrity and personal responsibility.  Every employee, without exception, is accountable for knowing and following the Code," said Paul S. Michaels, Lead Director of the KDP Board.  "Bob's vision and leadership have driven KDP's success as a modern beverage company to date, and the Board is grateful for his willingness to return as CEO."

"KDP has a deep and talented executive team" said Gamgort.  "I look forward to continuing to work with the leadership team and the Board in the role I held less than four months ago." 

KDP Contacts
Steve Alexander (Investors)
T: 972-673-6769 / steve.alexander@kdrp.com

Katie Gilroy (Media)
T: 781-418-3345 / katie.gilroy@kdrp.com 

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 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, visit www.keurigdrpepper.com.

FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements can generally be identified by the use of words such as "outlook," "guidance," "anticipate," "expect," "believe," "could," "estimate," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual 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 obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.

 

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SOURCE Keurig Dr Pepper Inc.

FAQ

What led to Ozan Dokmecioglu's resignation from KDP?

Ozan Dokmecioglu resigned due to violations of KDP's Code of Conduct.

Who is the new CEO of Keurig Dr Pepper?

Bob Gamgort has been reappointed as CEO of Keurig Dr Pepper.

How might the leadership change impact KDP's stock performance?

The return of Bob Gamgort as CEO may stabilize leadership and reassure investors but may also raise concerns about past governance issues.

What is Keurig Dr Pepper's annual revenue?

Keurig Dr Pepper's annual revenue approaches $13 billion.

What positions does Bob Gamgort hold at KDP?

Bob Gamgort serves as both the CEO and Executive Chairman of Keurig Dr Pepper.