Dive Brief:
- Keurig Dr Pepper has appointed Rafael Oliveira, the current CEO of JDE Peet’s, to lead its coffee business ahead of a planned spinoff.
- Oliveira, who has been CEO of Peet’s since November 2024, brings a wealth of experience from his previous roles at the Kraft Heinz Company.
- The appointment of Oliveira comes as Keurig Dr Pepper finalizes its $18 billion acquisition of Peet’s and prepares to separate its beverage and coffee businesses into two independent companies.
Dive Insight:
Oliveira is set to become CEO of the newly formed Global Coffee Co after Keurig Dr Pepper completes the separation of its businesses. This move follows the announcement that CFO Sudhanshu Priyadarshi will not be taking on the CEO position.
The new coffee company will encompass Peet’s, Keurig, and Green Mountain brands, with Keurig Dr Pepper aiming to complete the split by the end of the year.
Oliveira will continue to oversee Peet’s during the integration period and will also lead Keurig Dr Pepper’s coffee operating unit. Until the split is finalized, he will report to CEO Tim Cofer.
Oliveira’s appointment and the acquisition of Peet’s mark a significant milestone in Keurig Dr Pepper’s transformation plans. The company secured $7 billion in capital from private-equity firms to fund the acquisition as the separation plan faced scrutiny from investors.
Cofer expressed excitement about the combination of talent, systems, and brand portfolios in the coffee industry, emphasizing the company’s commitment to global leadership and creating shareholder value.