- After about four years in the position
- Praise, thanks, words of regret and good wishes for Cofer
- Beth Springer taking over temporarily
- Search for a successor
- Cofer said 105 words
(exechange) — Walnut Creek, California, September 20, 2023 — Tim Cofer, chief executive of Central Garden, leaves his position. As announced by Central Garden & Pet Co. in a news release and in a regulatory filing published on Wednesday, September 20, 2023, Timothy P. (Tim) Cofer leaves his post as chief executive officer at the specialist in the garden and pet industries, after about four years in the role, effective October 6, 2023.
Central Garden will undertake a search for a successor.
Tim Cofer’s duties as CEO will be taken over temporarily by Mary Beth Springer, most recently Lead Independent Director at Central Garden & Pet Co., as Interim Chief Executive Officer.
Cofer will be CEO at Keurig Dr Pepper
Central Garden stated: “Mr. Cofer will join Keurig Dr Pepper, initially as Chief Operating Officer, and will assume the role of Chief Executive Officer in the second quarter of 2024.”
Keurig Dr Pepper is a beverage company.
Central Garden said: “Tim Cofer, Chief Executive Officer since October 2019, has informed the Board of his intent to depart Central, effective as of the close of business on October 6, 2023.”
Central Garden further said: “On September 18, 2023, Timothy P. Cofer, the Chief Executive Officer of Central Garden & Pet Company (the “Company”), announced his intention to resign as Chief Executive Officer, effective as of the close of business on October 6, 2023.”
Share price increase since October 2019
The announcement follows an increase in Central Garden & Pet Co.’s share price of 62% since October 2019. October 2019 is the month in which Cofer’s tenure as CEO began.
In the position of CEO since 2019
Tim Cofer became CEO of the Company in 2019.
Cofer has been the Chief Executive Officer of the Company since October 2019.
Cofer has more than 30 years of experience in the consumer products industry.
Cofer served as Executive Vice President and Chief Growth Officer of Mondelēz International from 2016 to 2019.
Prior to that role, he held leadership positions with profit and loss responsibility in many large domestic and international units including: President, Mondelēz Asia Pacific, Middle East Africa from 2013 to 2015, President Kraft Foods Europe from 2011 to 2013, President Kraft Pizza Company 2008 to 2010 and President Oscar Mayer Foods from 2006 to 2007.
105 words by Tim Cofer
In the release announcing his departure as CEO of Central Garden & Pet Co., Tim Cofer received praise, thanks, words of regret and good wishes.
In announcing his departure, Tim Cofer said 105 words.
“The opportunity presented to me to lead Keurig Dr Pepper is compelling and exciting”
Tim Cofer stated: “I have enjoyed a strong and close partnership with Bill since joining Central in 2019 and am proud of all we accomplished together through a challenging environment. I am convinced that our Central to Home strategy and our ongoing cost and simplicity program will yield positive benefits well into the future. While I am confident that Central will continue to grow and succeed, the opportunity presented to me to lead Keurig Dr Pepper is compelling and exciting, and it is the right next step for me. I am committed to ensuring the smoothest possible transition, and I wish all of the team at Central well.”
Push-out Score for Tim Cofer’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Tim Cofer was pushed out or felt pressure to leave his position.
exechange reached out to Central Garden and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2023 ($).