Fifteen days elapsed between the announcement of its acquisition and its entry into the share capital. In the meantime, JAB sold its remaining Keurig Dr Pepper shares.
On 19 June 2026, Emiliano Román Urcuyo subscribed to 1,077 new Class B131 ordinary shares in JAB Holding Company, based in Luxembourg, for just over €1.74m. JAB had announced his appointment on 4 June. Based in New York, Emiliano Román shares responsibility with David Serre for the development and management of the JAB Consumer portfolio. The group has entrusted them with a remit covering its consumer goods investments and highlights their experience in transactions, strategy and operational oversight.
Born in Costa Rica in 1979, Emiliano Román has spent more than twenty years in investment banking and investment management. He joined JAB after heading up the Consumer & Retail division at Rockefeller Capital Management. There, he oversaw strategic advisory and private equity investments in the consumer, retail, food and agriculture sectors.
Prior to that, he had worked for nearly ten years at Morgan Stanley in New York as a managing director, responsible for consumer groups, retail chains, funds and family-owned businesses. JAB estimates the cumulative value of the transactions in which he has been involved – across mergers and acquisitions, capital markets and private equity – at over $100bn. He began his career at UBS Investment Bank, working in the Consumer Products & Retail and Mergers & Acquisitions teams.
Portfolio and strategy reorganisation
He also sits on the boards of Bagel Brands and Caribou Coffee, where he chairs the audit committee. Both companies are part of the JAB group: Caribou Coffee is part of Panera Brands, which is controlled by JAB together with JAB Consumer Partners.
His arrival comes at a time when the portfolio is being restructured. On 11 June, a week after the announcement of his appointment, JAB sold the 59.1 million shares it still held in Keurig Dr Pepper, representing around 4.3 per cent of the US drinks group’s share capital. The block sale was arranged by J.P. Morgan Securities.
JAB now presents Coty as its controlling stake in the beauty sector and Krispy Kreme as a key holding. Through JAB Consumer Partners, the holding company controls, amongst others, National Veterinary Associates, Independence Pet Holdings, Pinnacle Pet Group, Panera Brands, Pret A Manger and Espresso House. At the same time, it is expanding its activities in the life insurance sector.
