Nov. 10 (UPI) — Keurig Dr. Pepper appointed a new Chief Executive Officer Thursday after its former CEO resigned for violating the company’s code of conduct.
The company announced the resignation of CEO Ozan Dokmecioglu and the appointment of Executive Chairman and former CEO Bob Gamgort. Dokmecioglu also resigned from the Board of Directors.
The manner of the conduct violation was not disclosed, though the company said in its press release it was not related to its strategy, operations or financial reporting.
“Keurig Dr Pepper’s Code of Conduct is built on a foundation of ethics, integrity and personal responsibility. Every employee, without exception, is accountable for knowing and following the Code,” said Paul S. Michaels, Lead Director of the KDP Board. “Bob’s vision and leadership have driven KDP’s success as a modern beverage company to date, and the Board is grateful for his willingness to return as CEO.”
Dokmecioglu served the company as CEO for four months. Gamgort was the CEO prior to stepping down and turning it over to Dokmecioglu as part of a succession plan.
“KDP has a deep and talented executive team” said Gamgort. “I look forward to continuing to work with the leadership team and the Board in the role I held less than four months ago.”
KDP stock fell by a fraction of a point late in the day but still remained up 0.37 points or 0.98% at $37.94 a share. Morning trading in the stock rose by 2% following the announcement which was made at about 8:30 a.m. ET, CNBC reported. The company’s market value is an estimated $54.4 billion.
Dokmecioglu was the Chief Financial Officer for KDP before rising to CEO. He was also on the Board of Directors for Krispy Kreme before resigning in September.
