Keurig dr Lada announced on Thursday that CEO Ozan Dokmechioglu had agreed to step down after violating the company’s code of conduct after less than four months in office.
The beverage giant said the breach had nothing to do with the company’s strategy, operations, or financial statements.
Keurig CEO Dr. Pepper Board of Directors Dr. Pepper has reappointed Bob Gamgort, chairman and former CEO, as CEO.
The company’s shares were up 2% in morning trade after the news. Keurig Dr. Pepper shares are up 3% this year, bringing its market value to $54.4 billion.
Gamgort handed over the role to Dokmechioglu on July 29 as part of a previously announced succession plan.
When the move was announce in April, the company said it was considering internal and external candidates for the position.
Before becoming CEO, Dokmecioglu was the company’s Chief Financial Officer and helped Keurig Green Mountain privatize in 2016 and join Dr. Pepper Snapple.
Dokmechioglu, 50, works at Krispy Kreme Board but resigned in September. The donut chain said in its regulatory filing that the transition was not cause by disagreements with the company or the board and thank Dokmechioglu for his service and contribution.
At the same time, the second director, Patricia Capel, resigned. Capel is a director at JAB Holding, the investment arm of the Ryman family. JAB owned Krispy Kreme before going public in 2021 and still owns about 45% of the company, according to Factset. Similarly, before the merger, JAB had a controlling stake in Keurig Green Mountain. A subsidiary of Maple Holdings retains a 33% stake in Keurig Dr. Pepper.