Keurig Dr Pepper (KDP) has announced the appointment of Tim Cofer as COO, reporting to Chairman and CEO Bob Gamgort as a key step in the company’s CEO succession plan.
“Tim is the ideal person to lead KDP in its next chapter,” says Gamgort. “With his background as a successful public company CEO and a veteran CPG executive, Tim steps into this role with the experience and capabilities that will propel KDP’s growth journey.”
Cofer, who will join KDP on 6 November, will work alongside Gamgort while in a COO capacity, with a planned transition to CEO to take place during Q2 2024.
“I’m passionate about leading great companies, building iconic brands and developing exceptional people and teams, which, when combined, generate significant shareholder value,” says Cofer. “KDP is uniquely positioned as a pure-play beverage company with powerful brand equities in attractive categories, shepherded by an incredible team. I’m honoured and excited to add to its legacy.”
Cofer has more than 30 years of multinational experience, and currently serves as CEO of Central Garden and Pet Company, where he has overseen a multi-year period of double-digit revenue and profit growth and a series of strategic acquisitions.
Prior to joining Central in 2019, Cofer spent over 25 years with Mondelēz International and its predecessor company, Kraft Foods, with responsibility across a wide range of product categories, including coffee, chocolate and packaged food.
Gamgort will serve as Executive Chairman of KDP after the transition occurs.
KDP also announced that its Board of Directors has approved a 7.5 per cent increase in its annualised dividend rate to US$0.86 per share, from the current annualised rate of US$0.80 per share.
The increased regular quarterly cash dividend of US$0.215 per share is payable in USD on the company’s common stock on 13 October to shareholders of record on 29 September.
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