Keurig Dr Pepper Inc KDP, said Thursday that its CEO Ozan Dokmecioglu is quitting and will no longer be a member of its board of directors.
In a statement, the maker of Dr Pepper Soda in the United States said that “Dokmecioglu agreed to resign due to violations of the Company’s Code of Conduct that were unrelated to strategy, operations or financial reporting.”
Bob Gamort, Keurig Dr Pepper’s Chairman and former CEO was reappointed to the role of CEO, according to the statement. He will continue as Chairman.
The company did not immediately respond to Benzinga’s request for comment.
Why It Matters: Dokmecioglu took over from Bob Gamort in April and was formerly the CFO of Keurig Green Mountain.
Separately, Truist Securities analyst Bill Chappell downgraded Keurig Dr Pepper from Hold to Sell and lowered the price target from $40 to $30 late last month.
The analyst said the return to normal for the coffee systems business will place a drag on top and bottom-line growth through 2023.
Price Action: On Thursday, Keurig Dr Pepper shares closed 1% higher at $37.94, according to Benzinga Pro data.
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