Keurig Dr Pepper CEO resigns after violating code of conduct

good dr pepper announced on Thursday that CEO Ozan Docamicioglu agreed to resign after violating the company’s code of conduct, less than four months into the job.

The beverage giant said the breaches were not related to the company’s strategy, operations or financial reporting.

Keurig Dr Pepper’s board re-appointed chairman and former CEO Bob Gammorgt as chief executive.

According to the news, the company’s shares rose 2% in morning trading. Keurig Dr Pepper’s stock is up 3% this year, bringing its market value to $54.4 billion.

Gumgort handed over the role to Docmasioglu as part of the succession plan announced earlier on 29 July. When the changes were announced in April, the company said it was looking at internal and external candidates for the role.

Prior to becoming CEO, Dokmecioglu served as the chief financial officer for the company, helping with the privateization of Keurig Green Mountain in 2016 and its merger with Dr Pepper Snapple in 2018.

Docamecioglu, 50, served at Krispy Kreme The board of directors but resigned in September. The donut chain said in a regulatory filing that the transition was not caused by a disagreement with the company or the board and thanked Docmasioglu for his service and contribution.

A second director, Patricia Capel, resigned at the same time. Capel is a director at JAB Holding, the investment arm of the Riemann family. According to FactSet, JAB owned Krispy Kreme before going public in 2021 and still owns about 45% of the company’s stock. Similarly, prior to the merger JAB had a controlling stake in Keurig Green Mountain. Its subsidiary Maple Holdings still holds a 33% stake in Keurig Dr Pepper.