Keurig Dr Pepper Inc. – Board Changes Announcement



Key Changes:

Robert Gamgort transitioned from Executive Chairman to non-employee Chairman of the Board, effective April 24, 2025. He will receive compensation as outlined in the 2025 Proxy Statement.

The Board size increased to ten members.

Michael Van de Ven and Lawson Whiting were appointed as independent directors, effective April 24, 2025.

Michael Van de Ven was appointed to the Audit and Finance Committee.

Lawson Whiting was appointed to the Remuneration and Nomination Committee.

Both will stand for election at the 2025 Annual Meeting of Stockholders and will participate in non-employee director compensation arrangements as detailed in the 2025 Proxy Statement.

Keurig Dr Pepper Delivers Strong Q1 2025, Reaffirms Full-Year Outlook

Keurig Dr Pepper reported Q1 2025 net sales of $3.64 billion, up 4.8% (6.4% constant currency). Adjusted EPS rose 10.5% to $0.42. U.S. Refreshment Beverages grew 11%, while U.S. Coffee fell 3.7% and International dropped 6.3% (but rose 5.4% in constant currency). GAAP net income increased to $517 million. Free cash flow totaled $102 million. The company reaffirmed its 2025 guidance of mid-single-digit constant currency net sales growth and high-single-digit adjusted EPS growth, despite macro challenges. Two new independent directors joined the board on April 24.

Keurig Dr Pepper (NASDAQ: KDP) announced changes today as part of the continued evolution of its Board of Directors.

The Company shared the appointments of two highly accomplished executives – Mike Van de Ven and Lawson Whiting – as directors. The Company also announced that Bob Gamgort's role has progressed from Executive Chairman to non-executive Chairman of the Board. These moves are effective today, April 24, 2025.

Keurig Dr Pepper Inc. (NASDAQ: KDP) will release its financial results for the first quarter ended March 31, 2025 before the market opens on Thursday, April 24, 2025. The Company will also hold a conference call on Thursday, April 24, 2025 at 7:30 AM (ET) to discuss the results, which will be hosted by Tim Cofer, Chief Executive Officer, and Sudhanshu Priyadarshi, Chief Financial Officer and President, International.

Keurig Dr Pepper Inc. announced that three board members affiliated with JAB BevCo B.V., namely Joachim Creus, Frank Engelen, and Olivier Goudet, notified the company on February 26, 2025, of their intent to resign. Their resignations will take effect upon the closing of JAB BevCo's public secondary offering of Keurig Dr Pepper shares. There were no disagreements between these directors and the company. Following their departures, the board reduced its size from eleven to eight members.

On February 28, 2025, JAB BevCo completed its previously announced public secondary offering, selling 73,000,000 shares of Keurig Dr Pepper common stock, with J.P. Morgan Securities LLC fully exercising its option to purchase an additional 10,950,000 shares. The total sale amounted to 83,950,000 shares, generating gross proceeds of approximately $2.7 billion for JAB BevCo. Keurig Dr Pepper did not receive any proceeds from the transaction.

In connection with the offering, Keurig Dr Pepper entered into an underwriting agreement on February 26, 2025, with JAB BevCo and J.P. Morgan Securities LLC. The agreement was filed as an exhibit to the company’s Form 8-K.

Keurig Dr Pepper (KDP) reported solid Q4 and full-year 2024 financial results, with net sales increasing 5.2% in Q4 to $4.07 billion and 3.6% for the full year to $15.35 billion. On a constant currency basis, sales rose 6.2% in Q4 and 3.9% for the full year, driven by strong performance in U.S. Refreshment Beverages and International segments.

Adjusted diluted EPS grew 5.5% in Q4 to $0.58 and 7.8% for the full year to $1.92, supported by productivity savings, strong sales, and a lower share count. However, GAAP diluted EPS declined due to $718 million in goodwill and intangible impairments and a $225 million accrual for GHOST distribution termination payments.

Operating cash flow surged 67% for the year to $2.2 billion, while free cash flow rose 82% to $1.7 billion, enabling significant shareholder returns and reinvestments.

Looking ahead to 2025, KDP targets mid-single-digit net sales growth and high-single-digit adjusted EPS growth in constant currency, backed by strong market momentum, productivity improvements, and strategic expansions.

source: Keurig Dr Pepper, February 25, 2025.