Keurig Dr Pepper Inc. today (Sept. 20) announced Tim Cofer will join the company Nov. 6 as chief operating officer, with the plan to make him CEO when chairman and current CEO Bob Gamgort steps back into just his boardroom role next year.
Cofer currently is CEO of Central Garden & Pet Co., “where he has overseen a multi-year period of double-digit revenue and profit growth and a series of strategic acquisitions,” according to today’s announcement. It also noted he has more than 30 years of multinational experience at consumer packaged goods companies.
Prior to joining Central in 2019, Cofer spent more than 25 years with Mondelez International and its predecessor company, Kraft Foods, with responsibility across a wide range of product categories, including coffee, chocolate and packaged food. In his last Mondelez position, he was an executive vice president and chief growth officer.
Cofer previously led several global regions, including as president of Asia Pacific, Middle East & Africa for Mondelez and president of Kraft Foods Europe. In his U.S.-focused roles of president of Kraft Pizza Co. 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 “while nurturing a combined high-performing culture.”
KDP called it “a key step in the company's CEO succession plan.” Cofer will join the company on Nov. 6 with a planned transition to CEO in the second quarter of 2024. Gamgort will serve as executive chairman of KDP after that.
This is KDP's second attempt at replacing Gamgort. Last summer, the company elevated its CFO, Ozan Dokmecioglu, to CEO but he resigned four months later "due to violations of the company's code of conduct." KDP did not disclose any details of Dokmecioglu’s departure, other than to say it was not related to the company’s finances, operations or strategy. Gamgort resumed his CEO role as a new search began.
Gamgort has been CEO of the company since it was created with the 2018 merger of Keurig Green Mountain and Dr Pepper Snapple Group.
KDP Lead Independent Director Paul Michaels stated, "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."
