Keurig Dr Pepper CFO Sudhanshu Priyadarshi will lead the company’s new spin-off coffee business after the acquisition of JDE Peet’s for $18 billion. Priyadarshi will become a first-time CEO while current CEO Tim Cofer will focus on the refreshment beverages division. The new coffee company aims to be a global coffee leader.

The merger of Keurig and JDE Peet’s will create a global coffee giant, according to Cofer. The split will result in two focused beverage companies with growth strategies, generating shareholder value. Despite challenges like rising coffee prices and legislative changes, the coffee industry remains a key player in the market.

JDE Peet’s was formed after JAB Holding Co merged Peet’s Coffee & Tea with Jacobs Douwe Egberts in 2019. Keurig Dr Pepper’s Priyadarshi previously mentioned challenges with tariffs and supply chain issues but noted significant U.S. production for both beverages and coffee.

Read more at Yahoo Finance: Keurig Dr Pepper CFO to lead coffee spin-off