Keurig Dr Pepper Inc. has appointed consumer packaged goods executive Tim Cofer as the company's chief operating officer as part of a new CEO succession plan.
In April of 2022, Keurig Dr Pepper had named the then finance chief Ozan Dokmecioglu as its next chief executive officer.
However, Dokmecioglu stepped down later that year due to what the company described as 'violations of the company's code of conduct that were unrelated to strategy, operations or financial reporting'.
Bob Gamgort was then reappointed by the board to the top role, in addition to continuing as chair.
Succession Plan
Cofer will join Keurig Dr Pepper on 6 November 2023 and work with Gamgort until a transition to the role of CEO in the second quarter of 2024, the company noted.
During the transition period, Cofer will help drive the company's strategic growth agenda and oversee operations with Gamgort.
Commenting on the announcement, Gamgort stated, "Tim is the ideal person to lead KDP [Keurig Dr Pepper] in its next chapter. With his background as a successful public company CEO and a veteran CPG executive, Tim steps into this role with the experience and capabilities that will propel KDP's growth journey.
"I'm fully committed, as is our entire ELT (executive leadership team), to supporting Tim as he prepares to assume the CEO role. When the transition occurs, I will lead the board of directors as executive chairman."
Tim Cofer
Cofer is an experienced professional with more than 30 years of experience in multinational companies and a strong track record of driving growth, leading transformations and creating shareholder value.
Currently, he serves as the chief executive of Central Garden & Pet Company, where he has overseen a multi-year period of double-digit revenue and profit growth and a series of strategic acquisitions.
Before this, Cofer spent more than 25 years with Mondelēz International and its predecessor, Kraft Foods.
He was responsible for several product categories, including coffee, chocolate and packaged food.
In his last position as EVP and chief growth officer at Mondelēz, he played an important role in building the company growth strategy.
Lead independent director at Keurig Dr Pepper, Paul Michaels said, "The process the board took in evaluating KDP's next CEO was thoughtful and comprehensive, including the consideration of internal and external candidates.
"We are confident that Tim's extensive CPG experience and growth-oriented leadership will make him a very strong next CEO of KDP."
Global Experience
Among global roles, her served as president of Asia Pacific, Middle East & Africa Mondelēz International and president of Kraft Foods Europe.
In the US, he held the role of president of Kraft Pizza Company and president of Oscar Mayer Foods.
He oversaw manufacturing and distribution operations, including a nationwide direct store delivery network.
He also led the global integration of Kraft and Cadbury, delivering on the merger's strategic and financial objectives.
