The Keurig Dr Pepper logo is displayed on a smartphone screen.
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Keurig Dr Pepper announced Thursday that CEO Ozan Dokmecioglu agreed to resign after violating the corporate’s code of conduct, lower than 4 months into the job.
The beverage giant said the violations weren’t related to the corporate’s strategy, operations or financial reporting.
Keurig Dr Pepper’s board reappointed Bob Gamgort, chairman and former CEO, as chief executive.
Shares of the corporate rose 2% in morning trading on the news. Keurig Dr Pepper’s stock has risen 3% this 12 months, increasing its market value to $54.4 billion.
Gamgort ceded the role to Dokmecioglu on July 29 as a part of a previously announced succession plan. When the change was announced in April, the corporate said it checked out internal and external candidates for the role.
Prior to becoming CEO, Dokmecioglu served as chief financial officer for the corporate, helping Keurig Green Mountain go private in 2016 and with its merger with Dr Pepper Snapple in 2018.
Dokmecioglu, 50, served on Krispy Kreme’s board of directors but resigned in September. The doughnut chain said in a regulatory filing that the transition was not attributable to a disagreement with the corporate or the board and thanked Dokmecioglu for his service and contributions.
A second director, Patricia Capel, resigned at the identical time. Capel is a director at JAB Holding, the investment arm of the Reimann family. JAB owned Krispy Kreme before it went public in 2021 and still owns roughly 45% of the corporate’s stock, in accordance with Factset. Likewise, JAB owned a controlling stake in Keurig Green Mountain before the merger. Its subsidiary Maple Holdings still holds a 33% stake in Keurig Dr Pepper.