Ozan Dokmecioglu agreed to step down less than four months after taking over as CEO, according to a statement issued by Keurig Dr. Pepper on Thursday.
The biggest beverage company in the world argued that none of the violations related to the company’s strategy, operations, or financial reporting.
The Keurig Dr. Pepper board reappointed Bob Gamgort as chairman and CEO.
Firm shares rose 2% in morning trading as a result of the statement. This year, Keurig Dr. Pepper stock’s market value increased by 3% to $54.4 billion.
On July 29, Gamgort handed over the reins to Dokmecioglu as part of a previously mentioned succession plan. The business stated that it considered both internal and external candidates for the position when the change was revealed in April.
Before becoming the CEO, Dokmecioglu served as the company’s chief financial officer, helping Keurig Green Mountain with both its 2016 private sale and its 2018 merger with Dr Pepper Snapple.
In September, Dokmecioglu, 50, submitted his resignation from the board of directors of Krispy Kreme. Dokmecioglu was thanked by the doughnut chain for his service and contributions, and it said in a regulatory filing that there was no disagreement with the company or the board that led to the transition.
A second director, Patricia Capel, also left at the same time. Capel is a director for JAB Holding, the investment firm run by the Reimann family. Before the company went public in 2021, JAB owned Krispy Kreme, and it still owns about 45% of its stock, according to Factset. Similar to this, JAB owned a controlling stake in Keurig Green Mountain before the merger. The company’s affiliate Maple Holdings still owns a 33% stake in Keurig Dr Pepper.