Green Mountain Coffee Roasters Inc. (GMCR) said Tuesday its Board of Directors have elected former Fortune Brands Inc. Chief Executive Officer Norman Wesley as its new chairman.
Wesley replaces Michael Mardy, who had been serving as interim chairman since May after founder Robert Stiller was removed due to issues over the timing of stock sales. Mardy will continue in his role as audit committee chair.
In a statement, Wesley said, "I am honored to assume the Chairmanship of such an innovative and dynamic company and would like to formally thank Mike Mardy for undertaking that responsibility on an interim basis..."
The specialty coffee maker also named David Mackay an independent Class III director, expanding its Board strength to ten members, eight of whom are independent. Mackay is currently the non-executive chairman of Beam Inc.
Mackay earlier served as the CEO of Kellogg Co. from December 2006 to January 2011 and prior to that, as president. Green Mountain expects to benefit from Mackay's strong international exposure.
Last month, Green Mountain named a former Coca-Cola Co. executive Brian Kelley as CEO, at a time when it is faced with increased rivalry in the single-cup coffee market.
Green Mountain is trading at $39.95, up 2.62%, on a volume of 2.3 million shares on the Nasdaq.
by RTT Staff Writer
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