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 31, 2023
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 31, 2023, the Board of Directors (the “Board”) of Keurig Dr Pepper Inc. (the “Company”) approved a transition plan for Mauricio Leyva, the Company’s current Group President and a named executive officer in the Company’s 2023 Proxy Statement. Mr. Leyva will remain in his current role with the Company through December 31, 2023, following which he will transition to an advisory role to Robert Gamgort and Timothy Cofer in 2024.
On October 31, 2023, the Company entered into a letter agreement with Andrew Archambault, a named executive officer in the Company’s 2023 Proxy Statement, in connection with his promotion from President, Commercial & Beverage Concentrates to President, US Refreshment Beverages effective as of November 6, 2023. In connection with his promotion, Mr. Archambault will receive an annual base salary of $750,000 and will be eligible to receive an annual bonus at a target level of 80% of his base salary. His annual award target value as President, US Refreshment Beverages under the Company’s long-term equity incentive program is expected to be $1,500,000. Mr. Archambault will also be granted an award of RSUs in November 2023 with a grant date value of $2,000,000, which RSUs will vest in one-fourth installments on each of the second, third, fourth and fifth anniversaries of the date of grant, subject to his continued employment and other vesting conditions.
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: November 2, 2023 | ||||||||||||||
| By: | /s/ Anthony Shoemaker | |||||||||||||
| Name: | Anthony Shoemaker | |||||||||||||
| Title: | Chief Legal Officer, General Counsel and Secretary | |||||||||||||