Keurig Dr Pepper announced Thursday that CEO Ozan Dokmecioglu agreed to resign after violating the company’s code of conduct, less than four months into the job.
The beverage giant said the violations were not related to the company’s strategy, operations or financial reporting.
Keurig Dr Pepper’s board reappointed Bob Gamgort, chairman and former CEO, as chief executive.
Shares of the company rose 2% in morning trading on the news. Keurig Dr Pepper’s stock has risen 3% this year, increasing its market value to $54.4 billion.
Gamgort ceded the role to Dokmecioglu on July 29 as part of a previously announced succession plan. When the change was announced in April, the company said it looked at internal and external candidates for the role.
Prior to becoming CEO, Dokmecioglu served as chief financial officer for the company, helping Keurig Green Mountain go private in 2016 and with its merger with Dr Pepper Snapple in 2018.
Dokmecioglu served on Krispy Kreme’s board of directors but resigned in September. The doughnut chain said in a regulatory filing that the transition was not caused by a disagreement with the company or the board and thanked Dokmecioglu for his service and contributions.
A second director, Patricia Capel, resigned at the same time. Capel is a director at JAB Holding, the investment arm of the Reimann family. JAB owned Krispy Kreme before it went public in 2021 and still owns roughly 45% of the company’s stock, according to Factset. Likewise, JAB owned a controlling stake in Keurig Green Mountain before the merger. Its subsidiary Maple Holdings still holds a 33% stake in Keurig Dr Pepper.