Market research
Keurig Green Mountain CEO Brian Kelley is to step down, less than a month after his company's sale to new owners.
The Keurig Kold faced a difficult launch in September
Kelley, a former executive for The Coca-Cola Co who led Keurig for four years, will remain with the company as vice chairman, Keurig said today. Pinnacle Foods CEO Bob Gamgort replaces Kelley on 2 May.
Earlier this month, JAB Holding Co paid US$13.9bn for a 78% stake in KGM, and took the company private. The private-equity firm announced the takeover in December after a difficult launch of the Keurig Kold, a home carbonation system that was officially unveiled in September.
The machine saw Coca-Cola buy into Keurig in 2014 as the two companies announced a partnership over the Kold.
However, before and after its launch analysts and consumers questioned the high price of the machine, which makes single-serve CSDs including Coca-Cola and Dr Pepper Snapple Group-branded products.
Between August last year and JAB's takeover announcement, Keurig shares lost one-third of their value.
Bart Becht, chairman at both JAB and Keurig, said: "Bob is one of the most talented and respected executives in the FMCG industry, and his focus on growth and long-term value creation makes him an ideal partner for JAB, as well as its co-investors."
Gamgort has served as chief executive at Pinnacle Foods, which owns the Birds Eye frozen food brand, since 2009.
Sectors: HR – personnel, Soft drinks, Water
Companies: The Coca-Cola Company
