Patrick Minogue
Keurig Dr PepperAbout Patrick Minogue
Patrick Minogue is President, U.S. Coffee at Keurig Dr Pepper (KDP), a role he has held since November 2023 after progressively senior leadership positions since joining KDP in 2015. He holds an MBA from Georgetown University and a bachelor’s degree from Harvard University, with earlier career experience in technology and beverage marketing at Bacardi and Molson Coors (then MillerCoors), where he spent five years as a brand marketer . As an Executive Leadership Team (ELT) member, his annual incentive compensation is tied 100% to enterprise metrics—Net Sales, Adjusted Operating Income, and Free Cash Flow—with the 2024 STIP paying out at 94% of target based on actuals of $15,310mm Net Sales, $3,952mm Adjusted Operating Income, and $1,660mm Free Cash Flow . Company-level performance context during his tenure includes long-term net sales growth of ~6% CAGR since 2018 and adjusted diluted EPS growth of ~11% CAGR, with approximately $11 billion cumulative free cash flow generation, alongside ongoing coffee system innovation (e.g., K-Rounds and Keurig Alta) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Keurig Dr Pepper | President, U.S. Coffee | Nov 2023–Present | Leads Keurig system strategy, brand marketing, DTC, digital products, away-from-home, and partner management; drives leadership in single-serve . |
| Keurig Dr Pepper | SVP & GM, Coffee Operations | Jun 2023–Nov 2023 | Operational leadership for coffee; execution on system strategy . |
| Keurig Dr Pepper | SVP, Digital & Keurig System Strategy | Jan 2023–Jun 2023 | Advanced digital/connected brewer strategy and system roadmap . |
| Keurig Dr Pepper | SVP, Keurig Experience | Nov 2020–Dec 2022 | Drove consumer-facing capabilities and e-commerce platform growth (Keurig.com) . |
| Molson Coors (then MillerCoors) | Brand Marketer | ~5 years | Built large-brand marketing capabilities in beverages . |
External Roles
No public company board or committee roles for Minogue are disclosed in KDP’s 2024–2025 proxy statements; his biography lists prior operating roles (not directorships) at Bacardi USA and Molson Coors .
Fixed Compensation
- KDP’s executive pay mix comprises base salary, annual cash incentives under the Short-Term Incentive Plan (STIP), annual equity under the Long-Term Incentive Plan (LTIP), and required personal stock investment via the Elite Investment Program; salary levels are benchmarked to peers and reviewed annually by the Remuneration & Nominating Committee (RemCo) .
- Minogue’s specific base salary and individual cash payouts are not disclosed; program design and governance practices (peer benchmarking, market percentile targets, and risk controls) are disclosed and apply to the ELT .
Performance Compensation
- STIP structure (applies to ELT including Minogue): a single payout scale (0%–200% of target) based 100% on enterprise performance with three metrics—Net Sales (Growth), Adjusted Operating Income (Profit), and Free Cash Flow (Cash) .
| Metric (USD mm, except %) | Threshold | Target | Maximum | Actual (FY 2024) | Calculated Payout | Weight |
|---|---|---|---|---|---|---|
| Growth – Net Sales | $14,714 | $15,653 | $16,592 | $15,310 | 85% | 30% |
| Profit – Adjusted Operating Income | $3,744 | $3,983 | $4,222 | $3,952 | 95% | 60% |
| Cash – Free Cash Flow | $700 | $1,400 | $2,100 | $1,660 | 112% | 10% |
| Total Payout Multiplier | 94% | 100% |
- LTIP structure: prior grants primarily RSUs with five-year vesting; starting in 2025, awards are 75% time-based RSUs (four-year vesting from 2025 grants) and 25% PSUs with a three-year performance period tied to Net Sales growth and Adjusted Diluted EPS growth (0%–200% vesting range), measured on a constant currency basis, aligned to mid-single-digit Net Sales and high-single-digit EPS long-term algorithm .
Equity Ownership & Alignment
| Policy/Program | Details | Implications |
|---|---|---|
| Stock Ownership Requirement | Other ELT members must hold stock equal to ~4x base salary; until met, executives must retain 50% of after-tax shares upon vesting; failure may lead to forfeiture of future LTIP awards at RemCo’s discretion . | Strong ownership alignment and reduced selling pressure. |
| Elite Investment Program (mandatory for SVP+) | Execs must commit personal capital to KDP stock within set min/max; receive one-for-one Matching RSUs that generally cliff vest after five years; immediate forfeiture if commitment not maintained or employment ends before vesting (with limited exceptions) . | Long-dated retention and alignment; potential forfeiture risk limits early selling. |
| Hedging/Pledging | Hedging is prohibited; pledging requires pre-clearance and cannot be for speculative purposes . | Limits speculative risk and leverage-induced selling. |
| Equity Vehicles | KDP does not grant stock options; no backdating/repricing permitted; RSU/PSU vesting schedules are long-dated (3–5 years) . | Low short-term liquidity from options; focus on long-term ownership. |
| Change-in-Control Vesting | Double-trigger required for accelerated vesting on change in control across annual LTIP and Elite Matching RSUs . | Balanced protection without single-trigger windfalls. |
Employment Terms
| Topic | Terms (Minogue as ELT member) |
|---|---|
| Severance (no change in control) | 1.5x base pay plus target bonus, paid over 18 months, plus outplacement; contingent on release and compliance with confidentiality/non-compete obligations . |
| Severance (change in control) | 2.25x base pay plus target bonus, lump sum, for qualifying termination within six months prior to or two years post-change in control; contingent on release and covenant compliance . |
| Clawbacks | Rule 10D-1-compliant clawback for restatements over prior three fiscal years; Senior Leadership Clawback allows recoupment for misconduct, including time-based equity . |
| Perquisites/Tax Gross-ups | Minimal perquisites; no excise tax gross-ups for change-in-control benefits . |
| Grant Timing | Annual LTIP grants typically in March; “half grants” in September for new hires/promotions; subject to change . |
Compensation benchmarking and governance:
- Peer group benchmarking generally targets the 50th percentile for annual cash, 75th percentile for equity, and 50th–75th for total target compensation; FW Cook serves as independent consultant .
- 2024 Compensation Peer Group (unchanged from 2023) included Coca-Cola, PepsiCo, Mondelez, Nestlé, Hershey, among others; for 2025, six peers added (e.g., Brown-Forman, Molson Coors, Monster, Starbucks) and four removed to refine comparability .
Say-on-Pay feedback:
- Advisory vote approval was ~85% in 2024, 82% in 2023, and 94% in 2022; stockholder feedback contributed to adding PSUs in 2025 to further tie pay to performance .
Investment Implications
- Alignment: Required Elite personal investment and 4x salary ownership for ELT members, hedging prohibition, and pledging restrictions materially reduce short-term selling pressure and improve skin-in-the-game alignment for Minogue .
- Retention risk: Long vesting (RSUs 4–5 years; PSUs 3 years) and Elite forfeiture provisions create meaningful retention hooks; severance economics (1.5x/2.25x) are moderate vs market and contingent on covenants, lowering risk of unaligned departures .
- Pay-for-performance: STIP metrics are enterprise-wide and quantifiable; 2024 payout at 94% indicates disciplined calibration below target amid mixed metric outcomes, while 2025 PSU introduction increases direct linkage to multi-year Net Sales and EPS growth—positive for long-term alignment .
- Governance quality: Double-trigger CoC, robust clawbacks, minimal perqs, and absence of options/backdating reduce governance red flags; ongoing peer benchmarking (50th–75th percentile) supports competitive pay but warrants monitoring for equity-heavy inflation as PSU/RSU mix matures .
- Coffee execution signal: Minogue’s remit over U.S. Coffee aligns with KDP’s innovation roadmap (e.g., K-Rounds/Alta), suggesting execution leverage on system adoption and e-commerce expansion—watch for STIP/PSU outcomes versus mid-single-digit Net Sales and high-single-digit EPS targets for trading catalysts .