WASHINGTON (dpa-AFX) - Keurig Dr Pepper Inc. (KDP), a beverage company, said on Thursday that it has appointed Russ Torres as chief executive officer of the future Global Coffee Company, set to spin off in early 2027.
Torres will join KDP on November 3 and serve as CEO of the company's coffee operating unit prior to separation, during which time he will lead the integration of KDP's and JDE Peet's NV (JDEPY,JDEP.AS,JDE.F) coffee operations.
Keurig Dr Pepper formed Global Coffee Company through the acquisition of JDE Peet's. Last year, Keurig Dr Pepper agreed to buy JDE Peet's for EUR 15.7 billion in cash. This combination will create a coffee company by merging KDP's Keurig, North America's single-serve coffee platform, with JDE Peet's extensive portfolio of international coffee brands.
Torres will join the company from Kimberly-Clark Corporation (KMB), where he currently serves as chief operating officer. He will report to KDP Chief Executive Officer Tim Cofer, who will become CEO of Beverage Company following the separation. Upon separation, Global Coffee is expected to generate annual revenue of around $16 billion.
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