The former Mondelēz International executive will work alongside current CEO Bob Gamgort as COO before assuming the role of CEO in the second quarter of 2024
Keurig Dr Pepper operates a portfolio of more than 125 owned, licensed and partner brands | Photo credit: via Shutterstock
Keurig Dr Pepper (KDP) has appointed Tim Cofer as its new Chief Operating Officer (COO) as part of a planned transition which will see him become CEO in the second quarter of 2024.
As COO, Cofer will report to current Chairman and CEO Bob Gamgort, who will assume the position of Executive Chairman after the planned leadership transition.
In a press release, KDP said Cofer will drive its ‘strategic growth agenda’ and ‘play a significant leadership role’ in each of KDP’s business segments.
“Tim is the ideal person to lead KDP in its next chapter. With his background as a successful public company CEO and a veteran CPG executive, he steps into this role with the experience and capabilities that will propel KDP’s growth journey,” Gamgort said.
Currently serving as CEO of Central Garden & Pet Company, Cofer has extensive executive experience in the consumer packaged goods industry, including more than 25 years with Mondelēz International and its predecessor company, Kraft Foods, where he was responsible for business’ coffee, chocolate and packaged food categories.
“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 said.
KDP achieved 11% sales growth in 2022 to reach $14bn. In the second quarter of 2023, the JAB Holdings-controlled coffee and soft beverages company posted 12% sales growth to reach $2.3bn.
The business operates a portfolio of more than 125 owned, licensed and partner brands, including retail coffee products from Caribou Coffee, Cinnabon, Gloria Jean’s, Krispy Kreme and Panera Bread.