Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Green Mountain Names Norman Wesley Chairman - Update

RELATED NEWS
Trade GMCR now with 

Green Mountain Coffee Roasters Inc. (GMCR: Quote) 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.

Register
To receive FREE breaking news email alerts for Keurig Green Mountain Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Eurozone manufacturing moved closer to stagnation in September as German factory sector contracted for the first time in 15 months, final data from Markit Economics showed Wednesday. The manufacturing Purchasing Managers' Index fell more than intially estimated to a 14-month low of 50.3 from August's reading 50.7. The reading was below the earlier flash estimate of 50.5. Indonesia's inflation accelerated in September on food and utility costs, data from the Central Statistics Agency showed Wednesday. The trade balance swung into deficit in August as import growth exceeded the increase in exports. Inflation rose to 4.53 percent in September from 3.99 percent in... The U.K. economy grew more than estimated in the second quarter and the current account deficit widened from the first quarter, the Office for National Statistics said Tuesday. Gross domestic product grew 0.9 percent sequentially, up from the prior estimate of 0.8 percent. The annual growth was confirmed at 3.2 percent.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.