Keurig Dr Pepper Inc (KDP.O): KDP Announces that Designated Future Global Coffee Co. CEO Rafa Oliveira Will Depart in July

Research evidence excerpt

Keurig Dr Pepper Inc (KDP.O): KDP Announces that Designated Future Global Coffee Co. CEO Rafa Oliveira Will Depart in July

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23 Jun 2026 07:11:04 ET │ 11 pages

Keurig Dr Pepper Inc (KDP.O)

KDP Announces that Designated Future Global Coffee Co. CEO Rafa

Oliveira Will Depart in July

CITI’S TAKE Buy

Early this morning, KDP announced that Rafa Oliveira, head of JDEP and Price (22 Jun 26 16:00) US$30.87

designated future CEO of Global Coffee Co., will depart the company at Target price US$32.00

the end of July to become CEO of Heineken N.V. (HEIN.AS), effective Oct. 1,

Expected share price return 3.7% 2026. The announcement comes just ~12 weeks after KDP completed its

acquisition of JDEP on April 1 and announced that Oliveira, who had Expected dividend yield 3.1%

served as JDEP CEO since November 2024, would remain on in his role Expected total return 6.7%

and lead the future Global Coffee Co. following the planned separation in Market Cap US$42,000M

early 2027 (our note here). Importantly, KDP reiterated 2026 guidance

calling for net sales of $25.9-$26.4B and CC adj. EPS growth +LDD% Y/Y.

While the search process is already underway for the future CEO of Global

Coffee Co. and KDP sounded confident on the underlying business, we Filippo Falorni, CFAAC

view this morning’s news as adding leadership and execution risk to an +1-212-816-3743

already complex separation process. filippo.falorni@citi.com

Jonmichael Shekian

Future Global Coffee Co. CEO to Depart Before Planned Separation – We were jonmichael.shekian@citi.com

surprised by the timing of this morning’s news – Oliveira was designated post-

separation CEO of Global Coffee Co. just ~12 weeks ago and is now set to leave the

company at a critical juncture, about 6-7 months ahead of the planned early 2027

separation.