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Keurig Dr Pepper CEO resigns after violating firm’s code of conduct

The Keurig Dr Pepper emblem is displayed on a smartphone display screen.

Rafael Henrique | Lightrocket | Getty Pictures

Keurig Dr Pepper introduced Thursday that CEO Ozan Dokmecioglu agreed to resign after violating the corporate’s code of conduct, lower than 4 months into the job.

The beverage big stated the violations weren’t associated to the corporate’s technique, operations or monetary reporting.

Keurig Dr Pepper’s board reappointed Bob Gamgort, chairman and former CEO, as chief government.

Shares of the corporate rose 2% in morning buying and selling on the information. Keurig Dr Pepper’s inventory has risen 3% this 12 months, rising its market worth to $54.4 billion.

Gamgort ceded the function to Dokmecioglu on July 29 as a part of a beforehand introduced succession plan. When the change was introduced in April, the corporate stated it checked out inner and exterior candidates for the function.

Previous to changing into CEO, Dokmecioglu served as chief monetary officer for the corporate, serving to Keurig Inexperienced Mountain go non-public in 2016 and with its merger with Dr Pepper Snapple in 2018.

Dokmecioglu serves on Krispy Kreme’s board of administrators.

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