Keurig Dr Pepper CEO resigns after violating company's code of conduct

Keurig Dr Pepper announced Thursday that CEO Ozan Dokmecioglu agreed to resign aft violating the company's codification of conduct, little than 4 months into the job.

The beverage elephantine said the violations were not related to the company's strategy, operations oregon fiscal reporting.

Keurig Dr Pepper's committee reappointed Bob Gamgort, president and erstwhile CEO, arsenic main executive.

Shares of the institution roseate 2% successful greeting trading connected the news. Keurig Dr Pepper's banal has risen 3% this year, expanding its marketplace worth to $54.4 billion.

Gamgort ceded the relation to Dokmecioglu connected July 29 arsenic portion of a antecedently announced succession plan. When the alteration was announced successful April, the institution said it looked astatine interior and outer candidates for the role.

Prior to becoming CEO, Dokmecioglu served arsenic main fiscal serviceman for the company, helping Keurig Green Mountain spell backstage successful 2016 and with its merger with Dr Pepper Snapple successful 2018.

Dokmecioglu, 50, served connected Krispy Kreme's committee of directors but resigned successful September. The doughnut concatenation said successful a regulatory filing that the modulation was not caused by a disagreement with the institution oregon the committee and thanked Dokmecioglu for his work and contributions.

A 2nd director, Patricia Capel, resigned astatine the aforesaid time. Capel is simply a manager astatine JAB Holding, the concern limb of the Reimann family. JAB owned Krispy Kreme earlier it went nationalist successful 2021 and inactive owns astir 45% of the company's stock, according to Factset. Likewise, JAB owned a controlling involvement successful Keurig Green Mountain earlier the merger. Its subsidiary Maple Holdings inactive holds a 33% involvement successful Keurig Dr Pepper.