Keurig Dr Pepper Inc. said Chief Executive Officer Ozan Dokmecioglu resigned after violating the company’s code of conduct and was replaced by Executive Chairman Bob Gamgort, the former CEO.
The coffee and soda maker didn’t detail the violations but said in a statement Thursday that they were “unrelated to strategy, operations or financial reporting.”
Dokmecioglu, 50, who had been chief financial officer, became CEO in late July. Gamgort, 60, the first CEO of the four-year-old company, had agreed to stay on as executive chairman for two years.
“I look forward to continuing to work with the leadership team and the board in the role I held less than four months ago,” Gamgort said in the Thursday statement.
Burlington, Massachusetts-based Keurig Dr Pepper, which has a market capitalization of roughly $53 billion and is backed by investment firm JAB Holding Co., was formed through the 2018 merger of Dr Pepper Snapple and Keurig Green Mountain. The company has been active in dealmaking efforts, engaging in failed talks this summer to acquire the maker of Bang Energy drinks and taking a minority stake this week in nonalcoholic brewer Athletic Brewing Co.
Keurig Dr Pepper shares rose 2.2% to $38.39 in New York trading at 9:59 a.m. The shares gained 1.9% this year through Wednesday’s close.
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