Keurig Dr Pepper Inc 8-K, filed Oct 24, 2022
Keurig Dr Pepper Inc. (KDP)
8-K
2022-10-24
For: 2022-10-21
View Original
Added on
April 11, 2026
About this 8-K
Keurig Dr Pepper Inc filed this 8-K on October 24, 2022, reporting on events of October 21, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2022
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 24, 2022, Keurig Dr Pepper Inc. (the “Company”) announced the appointment of Sudhanshu Priyadarshi to the position of Chief Financial Officer, to be effective November 14, 2022. Prior to joining the Company, Mr. Priyadarshi, 45, served as the Chief Financial Officer of Vista Outdoor Inc. from April 2020 to October 2022, overseeing all financial management and strategic planning for the sporting and outdoor goods company. From 2018 to 2019, he served as the Chief Financial Officer of Flexport, Inc., a digital freight forwarder and logistics platform. He served as Vice President of Finance for Walmart, Inc.’s eCommerce business from 2017 to 2018 and Vice President, Finance and Strategy within Walmart’s U.S. finance leadership team from 2016 to 2017. Mr. Priyadarshi holds an MBA from the University of Technology Sydney.
In connection with this appointment, the Company entered into a letter agreement with Mr. Priyadarshi on October 21, 2022. Pursuant to this agreement, Mr. Priyadarshi will receive an annual base salary of $850,000 and will be eligible to receive an annual bonus at a target level of 80% of his base salary. He will also be eligible to participate in the Company’s long-term equity incentive program with an annual award target value of $2,200,000. In connection with his appointment, Mr. Priyadarshi will be granted the following, in recognition of forgone incentive compensation from his prior employer: (i) a one-time sign-on grant of RSUs with a grant date value of $3,000,000, which will vest 67% on the first anniversary of the date of grant and 33% on the second anniversary of the date of grant, and (ii) a one-time cash sign-on bonus of $3,850,000.
Mr. Priyadarshi has no family relationship with any directors or executive officers of the Company, nor are there any arrangements or understandings between Mr. Priyadarshi and any other persons pursuant to which he was selected as an officer of the Company. There are no related party transactions between Mr. Priyadarshi and the Company reportable under Item 5.02 of Form 8-K and Item 404(a) of Regulation S-K.
A copy of the Company’s press release announcing the appointment of Mr. Priyadarshi is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| Press Release - "Keurig Dr Pepper Appoints Chief Financial Officer" | ||||||||
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101 | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| KEURIG DR PEPPER INC. | ||||||||||||||
| Dated: October 24, 2022 | ||||||||||||||
| By: | /s/ Anthony Shoemaker | |||||||||||||
| Name: | Anthony Shoemaker | |||||||||||||
| Title: | Chief Legal Officer, General Counsel and Secretary | |||||||||||||
EXHIBIT 99.1
Keurig Dr Pepper Appoints Chief Financial Officer
BURLINGTON, Mass. and FRISCO, Texas, Oct. 24 -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced the appointment of Sudhanshu Priyadarshi to the position of Chief Financial Officer, effective Nov. 14, 2022. He will report to Chief Executive Officer Ozan Dokmecioglu and lead the Company’s Finance and Information Technology organizations.
Priyadarshi is a seasoned global finance, strategy and operations executive, with more than 20 years of leadership experience in the food & beverage, retail, pharmaceutical and logistics industries. He has spent the majority of his career at multi-national CPG and retail companies, namely PepsiCo and Walmart.
Priyadarshi was most recently CFO at Vista Outdoor Inc. (NYSE: VSTO), overseeing all financial management and strategic planning for the sporting and outdoor goods company during a period of significant organic and inorganic growth.
"Sudhanshu’s impressive financial management experience at leading companies, combined with his strategic and operational savvy, makes him the ideal executive for this critical role,” said Dokmecioglu. “He will be a strategic partner to our team, as we deliver against our commitments, scale our business for growth and continue to successfully navigate the complex macro environment. We are thrilled to welcome him to KDP."
"I am delighted to join KDP at such an exciting time in the Company's journey," added Priyadarshi. "I look forward to working closely with Ozan and the entire executive team to continue driving organic growth while pursuing opportunities to deliver above-plan value creation through strategic allocation of KDP’s industry-leading free cash flow generation.”
Priyadarshi started his career at PepsiCo, where he spent 14 years in financial and corporate strategy roles, including as CFO of Global R&D & PepsiCo Global Nutrition Platforms. Following PepsiCo, he moved to Cipla, a top-10 global generic pharmaceutical company, where he was Global Chief Operating Officer, leading the company’s 14,000 employees in 80 countries and successfully executing more than 20 M&A transactions. Priyadarshi then joined Walmart, serving as Vice President of Finance and Strategy for the $100 billion General Merchandise and Softlines division, and then Vice President of Finance for the growing U.S. ecommerce business. He left Walmart to become CFO of Flexport, a worldwide provider of logistics solutions.
KDP Contacts
Steve Alexander (Investors)
T: 972-673-6769 / steve.alexander@kdrp.com
Chethan Mallela
T: 646-620-8761 / chethan.mallela@kdrp.com
Katie Gilroy (Media)
T: 781-418-3345 / katie.gilroy@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a leading beverage company in North America, with annual revenue approaching $13 billion and approximately 27,000 employees. KDP holds leadership positions in soft drinks, specialty coffee and tea, water, juice and juice drinks and mixers, and markets the #1 single serve coffee brewing system in the U.S. and Canada. The Company's portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig®, Dr Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®, Bai®, Mott's®, CORE® and The Original Donut Shop®. Through its powerful sales and distribution network, KDP can deliver its portfolio of hot and cold beverages to nearly every point of purchase for consumers. The Company is committed to sourcing, producing and distributing its beverages responsibly through its Drink Well. Do Good. corporate responsibility platform, including efforts around circular packaging, efficient natural resource use and supply chain sustainability. For more information, visit www.keurigdrpepper.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements can generally be identified by the use of words such as "outlook," "guidance," "anticipate," "expect," "believe," "could," "estimate," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially.
Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the SEC. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.