Keurig Dr Pepper: Renewed Global Coffee Co CEO Search Underway

Research evidence excerpt

Keurig Dr Pepper: Renewed Global Coffee Co CEO Search Underway

Deutsche Bank

Research

Rating Company Date

Hold Keurig Dr Pepper 24 June 2026

North America Reuters Bloomberg Rating Hold

United States KDP.OQ KDP US Price target (USD) 30.00 Price at 23 Jun 26 30.87

52-week range 34.88 – 25.30

Consumer

Consumer Staples Valuation & Risks

Renewed Global Coffee Co CEO Search

Underway SteveResearchPowersAnalyst

+1-212-250-5480

Following the announcement overnight last night that Rafa Oliveira, pending CEO

Christopher Barnes, CFA of Global Coffee Co, would be stepping down in late July to become CEO of Research Analyst

Heineken, we connected with KDP IR earlier today. Clearly, the initial market +1-212-454-0778

reaction to this news (KDP underperforming broader Consumer Staples by

roughly -2pts intraday) reflected potential questions on impacts to the timing of Nikhil Jain, CFA

Research Associate the separation; however, KDP contends that it is still on-track for an early-2027

+1-212-250-3253

transaction (subject to market conditions), as arguably the biggest hurdles (i.e.,

JDEP deal close and financing) have already cleared. From here, FY26 business Angeline Goh

priorities are well-established and Coffee-related Transformation Management Research Associate

Office workstreams are well defined and staffed. Moreover, given the recency of +1-212-250-4515

the prior Coffee CEO-search process and now added clarity on CombinedCo

financing and early integration, KDP believes it will be able to find and vet

qualified candidates in an efficient timeframe (i.e., well in advance of an early-

2027 separation). In the interim, we also expect current CFO of KDP’s Coffee

Operating Unit, Yang Xu, will take on a more prominent role in leading the