Keurig Dr Pepper Inc. named main money officer Ozan Dokmecioglu to guide the coffee and gentle drinks firm setting up in July.

Dokmecioglu will swap chief govt officer Bob Gamgort, who has agreed to stay on in his job as executive chairman for two yrs, the Burlington, Mass.-centered firm claimed Tuesday, confirming a report by Bloomberg News.

“Ozan and I have worked aspect by facet for the earlier six decades,” Gamgort reported in an emailed statement. “He is an exceptionally sturdy chief and has been a key architect of each strategic determination at KDP throughout that time.”

Dokmecioglu, 50, will be the second CEO of the 4-12 months-old business, which was shaped by expenditure organization JAB by way of the merger of Keurig Inexperienced Mountain and Dr Pepper Snapple Group. Dokmecioglu also has been running Keurig Dr Pepper’s international company, which accounts for extra than a tenth of the group’s income. He joined Keurig in 2016 soon after operating in senior finance roles at Kellogg Co. and Kraft Foodstuff.

Underneath Gamgort, 59, Keurig Dr Pepper’s market place worth has grown by about a few-quarters to $54 billion given that the merger. He also moved the company’s listing to the Nasdaq inventory exchange in 2020 as element of a series of actions created to diversify its shareholder foundation.

The shares fell .7% to $38.11 in early investing Tuesday.

Gamgort’s vital aim throughout the future two several years will be on facilitating the changeover as properly as scoping out possible acquisitions to enhance shareholder returns.

JAB controls about a 3rd of Keurig Dr Pepper, down from just below 50 % in new years, acquiring redistributed shares to investors in its possess funds.

Keurig Dr Pepper has initiated a research for its upcoming CFO to substitute Dokmecioglu, the enterprise stated.

Thomas Buckley, Bloomberg