Keurig Dr Pepper: Rafa Oliveira departs, Global Coffee Co CEO search restarts

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Keurig Dr Pepper: Rafa Oliveira departs, Global Coffee Co CEO search restarts

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Keurig Dr Pepper

Rafa Oliveira departs, Global Coffee Co

CEO search restarts

Maintain Rating: BUY | PO: 35.00 USD | Price: 30.87 USD

Back to the drawing board 23 June 2026

This morning, KDP announced that Rafa Oliveira, former CEO of JDEP and who was Equity

slated to become CEO of Global Coffee co post spinoff, is leaving the company. A

Peter T. Galbo, CFA

separate release announced that Oliveira is set to become the CEO of Heineken, covered Research Analyst

by our colleague Andrea Pistacchi. Today’s announcement is a setback, in our view, as BofAS +1 646 743 0175

KDP must restart the CEO search process for Global Coffee co before targeted spinoff in peter.galbo@bofa.com

early 2027; while KDP is not starting from scratch (a list of candidates is in pipeline), the Christian Junquera

news was nonetheless disappointing. This will now be the third CEO announced for Research Analyst BofAS

global coffee co since KDP announced plans to split Beverage Co from Coffee Co last +1 646 855 5195

August (former KDP CFO Sudhanshu Priyadarshi was initially named, followed by Oliveira christian.junquera@bofa.com

in April 2026). Regarding timeline of the spin, at this juncture, we don’t expect slippage

from the “early 2027” outlook that KDP has provided given recent commentary from the

company suggested spin once the full 2026 year end financials were known. This would, Stock Data

in theory, provide sufficient time to bring in a new CEO to sign off on a strategy/plan for

Price 30.87 USD

2027. Separately, KDP reaffirmed its 2026 guidance for net sales of $25.9-$26.4bn and

Price Objective 35.00 USD

constant currency adj EPS growth of low-double digit. Tim Cofer, current CEO of KDP