- Pinnacle Foods' CEO Robert J. "Bob" Gamgort is heading to Keurig Green Mountain, effective May 2, according to a news release.
- Keurig's current CEO, Brian Kelley, will become vice chairman of the board.
- In addition to his seven-year tenure as Pinnacle CEO, Gamgort has been North American president at Mars and held marketing, sales, corporate strategy, and general management roles at Kraft Foods.
The CEO turnover comes at a crucial time for struggling Keurig: Q4 revenue sank 13%, hitting $1.04 billion. JAB Holding closed its purchase of the company earlier this year, taking it private in the process.
"Keurig has struggled recently and I think being away from the public layer and attention of being a public company will help them," Euromonitor senior beverages analyst Virginia Lee told Food Dive late last year. "They can concentrate on improving marketing and new product development strategy and less time on communicating the investment community."
Pinnacle Foods saw increased revenue for 2015 at almost $2.7 billion, though earnings dipped to $212.5 million from $248.4 million. The company has been pushing into the natural and organic foods category with purchases like Gardein and Boulder Brands — both under Gamgort's leadership.