KDP acquires JDE Peets and taps Rafael Oliveira to head coffee spinoff

JDE Peet’s current CEO Rafael Oliveira will become CEO of the newly created Global Coffee Co once Keurig Dr Pepper separates its businesses. The move ends a long search for a new leader after it was announced that 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.

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. Cofer will serve as CEO of the future Beverage Co upon separation.

Oliveira’s appointment and the completion of the acquisition mark a critical milestone in the beverage giant’s transformation plans. Keurig Dr Pepper secured USD $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,” said Cofer. “Having launched a brand-led strategy at JDE Peet’s that is already delivering tangible results, Rafa is uniquely positioned to set the direction for Global Coffee Co. 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.”

KDP board chair Pam Patsley added, “Our acquisition of JDE Peet’s marks a defining step in our value creation strategy, and Rafa is the right choice to lead the combined coffee business and launch Global Coffee Co. With proven leadership across complex global markets and a commitment to driving financial results, he has set a course for growth at JDE Peet’s. With a singular focus on coffee, the newly integrated coffee business will be poised to create value and growth opportunities for employees, partners, customers, and shareholders.”

Oliveira has been CEO of Peet’s since November 2024. He previously spent a decade with the Kraft Heinz Company in several roles, including EVP and president of international markets. Previously, he spent 10 years at Goldman Sachs Group in the United Kingdom and Hong Kong after starting his career in Brazil at Banco Icatu and Banco BBA-Creditanstalt.

“This is an incredible opportunity to create the future of coffee,” said Oliveira. “Global Coffee Co will aim to be the best coffee company in the world by combining global reach with local expertise to operate across all formats, segments, channels and price points.”

The move comes as KDP said it has closed on its $18 billion acquisition of Peet’s, a deal positioning the beverage giant to separate its beverage and coffee businesses into two independent companies.

Separation timing will be based on the achievement of key milestones, including appropriate leverage levels at each company, and supportive market conditions. Though exact timing of the tax-free spin of Global Coffee Co is yet to be determined, key transformation workstreams are targeting operational readiness to separate by year-end 2026.