Keurig Dr Pepper Inc. (NASDAQ:KDP) announced a significant leadership change, with Robert Gamgort stepping down as CEO and moving to the role of Executive Chairman of the Board, effective tomorrow. Concurrently, Timothy Cofer will ascend to the CEO position and join the Board, as per the company's succession strategy outlined in a recent 8K filing.
Mr. Cofer, 55, joined the company as Chief Operating Officer in November 2023. His prior experience includes a tenure as CEO of Central Garden & Pet and various leadership roles at Mondelēz International, Kraft Foods Group (NASDAQ:KHC), and Oscar Mayer Foods.
With a background spanning coffee, chocolate, and packaged food industries, Cofer brings a wealth of expertise to his new role. He holds a BA from St. Olaf College and an MBA from the University of Minnesota.
The 8K filing also detailed the compensatory arrangements for Mr. Cofer as CEO, initially disclosed on September 22, 2023. As for Mr. Gamgort, his annual base salary will be adjusted to $1,000,000 in his new position, with a potential annual bonus equal to his base salary. He will also remain eligible for the company's long-term equity incentive program, targeting annual awards valued at $2,500,000.
The company confirmed there are no familial ties between Mr. Cofer and other directors or executive officers, nor are there any reportable related party transactions under SEC regulations. This leadership transition is part of Keurig Dr Pepper's ongoing strategic planning and does not stem from any known disagreements or concerns. The information for this article is based on a press release statement.
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