- Push-out Score determined
- After less than four months in the position
- Bob Gamgort taking over
(exechange) — Burlington, Massachusetts & Frisco, Texas, November 10, 2022 — This news came shortly before Veterans Day. Ozan Dokmecioglu, chief executive of Keurig Dr Pepper, leaves his position. As announced by Keurig Dr Pepper Inc. in a news release and in a regulatory filing published on Thursday, November 10, 2022, Ozan Dokmecioglu has left his post as chief executive officer at the beverage company, after less than four months in the role, effective November 9, 2022.
Ozan Dokmecioglu’s duties as CEO will be taken over by Robert (Bob) Gamgort, most recently executive chairman at Keurig Dr Pepper Inc.
“Violations of the Company’s Code of Conduct”
Ozan Dokmecioglu’s departure from the CEO post is explained as follows. Keurig Dr Pepper said: “Dokmecioglu agreed to resign due to violations of the Company’s Code of Conduct that were unrelated to strategy, operations or financial reporting.”
Precise information regarding Ozan Dokmecioglu’s future plans was not immediately available.
“Resignation”
Keurig Dr Pepper said: “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.”
Keurig Dr Pepper further said: “On November 9, 2022, the Board of Directors (the “Board”) of Keurig Dr Pepper Inc. (the “Company”) accepted the resignation of Ozan Dokmecioglu as President and Chief Executive Officer and as a director of the Company, effective immediately, and the Board appointed Robert Gamgort, the Company’s current Executive Chairman and former President and Chief Executive Officer, to serve as President and Chief Executive Officer.”
Share price increase since July 2022
The announcement follows an increase in Keurig Dr Pepper Inc.’s share price of 4% since July 2022. July 2022 is the month in which Dokmecioglu’s tenure as CEO began.
In the position of CEO since 2022
Ozan Dokmecioglu served as Chief Executive Officer and a member of the Board of Directors of Keurig Dr Pepper (KDP), having been appointed to the position effective July 29, 2022.
He previously served as the Company’s Chief Financial Officer & President, International.
In this role, Ozan Dokmecioglu was a key architect of the merger strategy that created KDP, oversaw the financial delivery of results that met or exceeded the Company’s merger commitments and led the International business during a period of exceptional growth.
Ozan Dokmecioglu’s career of more than 25 years is marked by significant global experience in the food and beverage industry in both developed and emerging economies.
He has led numerous strategic transactions, including M&A, integrations and financial and business restructurings that have driven strong results and created meaningful value for shareholders.
Prior to the KDP merger, Ozan Dokmecioglu was CFO of Keurig Green Mountain, following the company’s take-private transaction in 2016.
He previously held leadership positions at Kellogg Inc., where he served as Vice President Finance, CFO North America, and as Vice President Finance, CFO Europe.
Before joining Kellogg in 2012, Ozan Dokmecioglu built his career in finance leadership roles in the U.S., Europe, and Middle East with Kraft Foods Inc., Cargill Inc. and Arthur Andersen.
He holds a BS in Business Administration from the Middle East Technical University in Ankara, Turkey, and a certificate in Project Investment and Appraisal Management from Harvard University.
At the time of Ozan Dokmecioglu’s appointment as Chief Executive Officer at Keurig Dr Pepper, Gamgort had 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.”
At the time of Ozan Dokmecioglu’s appointment as Chief Executive Officer at Keurig Dr Pepper, Dokmecioglu had stated: “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,”
At the time of Ozan Dokmecioglu’s appointment as Chief Executive Officer at Keurig Dr Pepper, KDP Lead Independent Director Paul Michaels had 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.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ozan Dokmecioglu’s move on a scale of 0 to 10.
exechange reached out to Keurig Dr Pepper and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2022 ($).