As a key part of its succession plan, Frisco-based Keurig Dr Pepper Inc. announced the appointment of veteran consumer packaged goods executive Tim Cofer as chief operating officer, reporting to Chairman and CEO Bob Gamgort.
The company, with headquarters in Frisco and Burlington, Massachusetts, said Cofer will join KDP on Nov. 6 and will work alongside Gamgort while in a COO capacity, with a planned transition to CEO in the second quarter of 2024.
After the transition, Gamgort will become executive chairman of Keurig Dr Pepper.
“Tim is the ideal person to lead KDP in its next chapter,” Gamgort said in a statement. “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. I’m fully committed, as is our entire [executive leadership team], to supporting Tim as he prepares to assume the CEO role.”
‘A pure-play beverage company with powerful brand equities’
Cofer brings more than 30 years of multinational experience and a strong track record of driving growth, leading transformations, and creating shareholder value, KDP said.
Currently, he 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.
Cofer said he’s passionate about “leading great companies, building iconic brands and developing exceptional people and teams, which, when combined, generate significant shareholder value.”
“KDP is uniquely positioned as a pure-play beverage company with powerful brand equities in attractive categories, shepherded by an incredible team,” Cofer added. “I’m honored and excited to add to its legacy.”
Before joining Central in 2019, Cofer spent more than 25 years with Mondelēz International and its predecessor company, Kraft Foods, with responsibility across numerous product categories, including coffee, chocolate, and packaged food. In his last position as EVP and Chief Growth Officer, he was a key architect behind the company’s successful growth strategy.
Cofer previously led several international regions, including as president of Asia Pacific, Middle East & Africa Mondelēz International 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.
Driving strategic growth
Keurig Dr Pepper said its succession plan provides for a robust transition period, during which Cofer will help drive the company’s strategic growth agenda and oversee operations with Gamgort. Collaborating with KDP’s executive leadership team, Cofer will play a significant leadership role in each of the Company’s business segments.
“The process the board took in evaluating KDP’s next CEO was thoughtful and comprehensive, including the consideration of internal and external candidates. We’re confident that Tim’s extensive CPG experience and growth-oriented leadership will make him a very strong next CEO of KDP,” KDP Lead Independent Director Paul Michaels said in a statement.
Keurig Dr Pepper is a leading beverage company in North America, with annual revenue of more than $14 billion and roughly 28,000 employees. It holds leadership positions in liquid refreshment beverages, including soft drinks, specialty coffee and tea, water, juice and juice drinks and mixers, and markets the No. 1 single serve coffee brewing system in the U.S. and Canada.
KDP’s portfolio of more than 125 owned, licensed and partner brands includes Keurig, Dr Pepper, Canada Dry, Clamato, CORE, Green Mountain Coffee Roasters, Mott’s, Snapple, and The Original Donut Shop.
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