Keurig Dr Pepper said Ozan Dokmecioglu, who took over the CEO role in late July, is resigning for what the company said was “due to violations of the company’s code of conduct.”
The beverage giant did not specify the violation, and added that his departure was “unrelated to strategy, operations or financial reporting.” Bob Gamgort, the company’s current executive chairman and former CEO, was reappointed to his former job. He also will continue as chairman.
“Keurig Dr Pepper’s Code of Conduct is built on a foundation of ethics, integrity and personal responsibility. Every employee, without exception, is accountable for knowing and following the Code,” said Paul S. Michaels, lead director of the Keurig Dr Pepper’s board.
Before being appointed CEO, Dokmecioglu had been serving as the company’s CFO and president of the company’s international division.
While the suddenness and uncertainty surrounding his departure casts unwanted attention on Keurig Dr Pepper, the company shouldn’t see any noticeable changes with Gamgort taking over. Even after he left as CEO, Gamgort led the company’s board of directors and was working closely with Dokmecioglu as he eased into his new role.
Gamgort, 60, had been the CEO of the former Keurig Green Mountain since 2016, when the coffee company went private. When it merged with Dr Pepper Snapple in 2018, Gamgort became the leader of the publicly traded beverage company.
He was instrumental in expanding the coffee and soft drink maker into other fast-growing categories including premium water with Core and caffeinated sparkling water brand Limitless. Earlier this week, it purchased a $50 million stake in nonalcoholic craft beer maker Athletic Brewing.
Dokmecioglu is just the latest executive to be dismissed following conduct deemed detrimental by the company.
McDonald’s terminated CEO Steve Easterbrook two years ago after he engaged in a consensual relationship with an employee. Other companies that have seen CEOs resign or get fired in recent years for inappropriate behavior are Wynn Resorts, WWE and CBS.
In the food industry, Beyond Meat recently fired Doug Ramsey, its chief operating officer, who had been suspended following his arrest on charges related to what police say was a road rage-inspired physical altercation in September.
