Dive Brief:
- Keurig Dr Pepper appointed JDE Peet’s CEO Rafael Oliveira to helm its coffee business ahead of a planned spinoff.
- Oliveira has been CEO of Peet’s since November 2024. He previously spent a decade with the Kraft Heinz Company in several roles, including executive vice president and president of international markets.
- The move comes as the beverage giant said it has closed on its $18 billion acquisition of Peet’s, a deal positioning Keurig Dr Pepper to separate its beverage and coffee businesses into two independent companies.
Dive Insight:
Oliveira will become CEO of the newly created Global Coffee Co once Keurig Dr Pepper separates its businesses. The move ends a monthslong search after the beverage giant announced CFO Sudhanshu Priyadarshi would no longer assume the position.
In addition to Peet’s, the new coffee company will include the Keurig and Green Mountain brands. Keurig Dr Pepper is aiming for a split by the end of the year.
Oliveira will continue as the executive director and CEO of Peet’s through the integration period, and has additionally been named head of Keurig Dr Pepper’s coffee operating unit. Until the split is finalized, Oliveira will report to Keurig Dr Pepper CEO Tim Cofer.
Oliveira’s appointment and the completion of the acquisition marks a “critical milestone” in the beverage giant's transformation plans. Keurig Dr Pepper landed $7 billion in capital from private-equity firms to finance the purchase of Peet’s as the separation plan faced questions from investors.
“With this complementary combination, we are uniting outstanding talent, systems, and brand portfolios under a shared vision for global leadership in coffee,” Cofer said. “Together, these moves are critical milestones on our path to launch winning companies in both coffee and refreshment beverages that will create shareholder value and shape their categories.”
