Keurig CEO Dr Pepper resigns after violating code of conduct

The Keurig Dr Pepper logo is displayed on a smartphone screen.

Rafael Enrique | Light rocket | Getty Images

Kerig Doctor Pepper announced on Thursday that CEO Ozan Dokmecioglu has agreed to step down after violating the company’s code of conduct less than four months after starting work.

The beverage giant said the violations were not related to the company’s strategy, operations or financial statements.

Keurig Dr Pepper’s Board of Directors has reappointed Bob Gamgort, Chairman and former CEO, as Chief Executive Officer.

The company’s shares rose 2% in morning trading on the news. Shares of Keurig Dr Pepper are up 3% this year, boosting their market value to $54.4 billion.

Gamgort ceded this role to Dokmecioglu on 29 July as part of the previously announced succession plan. When the change was announced in April, the company said it was considering internal and external candidates for the role.

Prior to becoming CEO, Dokmecioglu served as the company’s chief financial officer, helping Keurig Green Mountain go private in 2016 and merging with Dr Pepper Snapple in 2018.

Dokmecioglu performs at Crispi Kreme Board of Directors.

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