KDP Taps M&A Veteran as CFO to Steer High-Stakes Corporate Split

BURLINGTON, Mass. and FRISCO, Texas – November 25, 2025 – Keurig Dr Pepper (KDP) has appointed Anthony DiSilvestro as its new Chief Financial Officer in a move that signals a clear and decisive shift into execution mode for one of the most ambitious corporate restructurings in the consumer goods sector. The appointment is not a routine C-suite change but a strategic hire designed to navigate the company through the turbulent waters of acquiring global coffee giant JDE Peet's and subsequently cleaving itself into two independent, publicly traded companies.

DiSilvestro, a 40-year industry veteran, steps into the role effective immediately, reporting to CEO Tim Cofer. The official announcement highlighted his extensive M&A experience as a key factor in the decision. "He will play a crucial role in sustaining our Company's strong base business momentum, while drawing on his significant M&A experience to facilitate the successful integration of JDE Peet's and ultimate creation of two winning companies," Cofer stated. For investors and industry analysts, the message is unambiguous: KDP is bringing in a specialist to de-risk a high-stakes, company-defining transformation.

A Playbook of Transformation and Discipline

To understand the strategy behind DiSilvestro's appointment, one need only look at his track record. His most recent role as CFO of Mattel, Inc. saw him preside over a remarkable financial turnaround. During his five-year tenure, he was a key architect of the company’s return to an investment-grade credit rating and spearheaded cost-saving programs that yielded over $400 million in efficiencies. He modernized the finance function and fortified the balance sheet, providing the financial stability that supported Mattel's pivot to an IP-driven entertainment company.

Before Mattel, DiSilvestro spent nearly a quarter-century at Campbell Soup Company, serving as its CFO from 2014 to 2019. There, he led a major transformation of the company's cost structure, implementing programs targeting $450 million in savings through measures like zero-based budgeting. Critically, he also oversaw a flurry of major transactions, managing both acquisitions and divestitures as Campbell worked to reshape its portfolio toward higher-growth snack brands. His experience defending the company against an activist-led proxy contest further burnished his reputation as a steady hand in high-pressure situations.

This history of aggressive cost management and complex deal-making is precisely the playbook KDP needs as it embarks on its own corporate reinvention. The company is not just acquiring another brand; it is orchestrating a multi-billion-dollar transaction that will be immediately followed by a complex separation.

Deconstructing the Deal: Two Companies from One

The catalyst for this leadership overhaul is the monumental plan announced in late August 2025. KDP intends to acquire JDE Peet's in an all-cash deal valued at approximately $18 billion. Following the integration, the combined entity will be split into two focused businesses.

First is the "Global Coffee Co.," which will merge KDP’s Keurig single-serve system with JDE Peet’s vast international portfolio, including brands like Jacobs and L'OR. Projected to have annual sales of around $16 billion, this new entity aims to be the world's number one pure-play coffee company, operating across more than 100 countries.

Second is the "Beverage Co.," which will retain KDP’s powerful North American refreshment beverage portfolio. With iconic brands like Dr Pepper, Snapple, 7UP, and Canada Dry, this company is expected to generate over $11 billion in annual sales.

The strategic rationale is to unlock shareholder value by creating two more focused companies, each with its own tailored operating model and capital allocation strategy. The companies are targeting $400 million in run-rate cost synergies within three years, a goal that falls squarely within DiSilvestro's area of expertise.

A Broader Financial Realignment

DiSilvestro's arrival is part of a wider reorganization of KDP’s finance leadership, underscoring the all-hands-on-deck nature of the upcoming split. The company also announced the creation of a Deputy CFO role for George Lagoudakis, previously SVP of Commercial Finance, who is now tasked specifically with ensuring the successful separation and establishment of the future Beverage Co.

Furthermore, Jane Gelfand has assumed an expanded role as SVP of Strategic Finance and Capital Markets, adding transaction management and financing for the acquisition to her existing duties in Investor Relations and International Finance. This creation of a specialized internal team demonstrates that KDP is building the infrastructure to manage the immense operational and financial complexity of the split.

The transition also clarifies the future for the outgoing CFO, Sudhanshu Priyadarshi. In a strategic redeployment, Priyadarshi, who has been CFO since 2022, will become CEO of the new Global Coffee Co. upon the completion of the separation. He will serve as a strategic advisor through April 2026 to ensure a smooth handover, leveraging his experience with KDP's international business to lead the new coffee-focused entity.

Navigating a Skeptical Market

While KDP's leadership is framing the changes as a confident step forward, the market has reacted with significant apprehension. Following the deal's announcement in August, KDP's stock plunged, at one point hitting a four-year low and shedding 28% of its value. Investors are clearly concerned about the execution risk of such a complex transaction and the significant debt KDP is taking on. The company secured $7 billion in funding from private equity firms KKR and Apollo, along with Goldman Sachs, to help finance the deal, but credit rating agencies have taken notice. S&P Global placed KDP on a credit watch with negative implications, and Moody's has its ratings under review for a potential downgrade due to a leverage ratio that could exceed 5x post-deal.

Analyst commentary has been a mix of caution and long-term optimism. HSBC downgraded the stock to "Hold," citing the high leverage, while Barclays noted the plan's "execution complexities." However, others see opportunity in the selloff. UBS, while lowering its price target, maintained a "Buy" rating, arguing the negative market reaction was excessive. J.P. Morgan and Citi also reiterated "Buy" ratings, pointing to the sound strategic rationale and potential for the two separated, more focused companies to unlock significant value over the long term. For Keurig Dr Pepper, the blueprint for transformation is now in place; the challenge of profitable construction falls to DiSilvestro and his newly assembled team.