Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) announced the appointment of Norman Wesley to succeed Michael Mardy, who is currently serving as interim chairman of the companys’ board of directors.
According to Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), Mardy will continue his role as chairman of the audit committee.
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. Our Board also is pleased to welcome David Mackay, a highly accomplished executive, to the Board. It remains clear to our entire Board that GMCR is executing against a substantial opportunity, and the new leadership on the Board and recently appointed CEO, Brian Kelly position the company for success.”
A.D. “David” Mackay was appointed by Green Mountain Coffee Roasters Inc (NASDAQ:GMCR) as an independent director. Mackay previously served as chief executive officer of Kellogg Company (NYSE:K). He currently serves as non-executive chairman of Beam, Inc (NYSE:BEAM). Mackay is one of eight independent directors of GMCR. The company has ten members of the board.
“Through its ability to marry consumer insight and real innovation, GMCR has driven extraordinary growth in the coffee category, and I believe the Company can further leverage its single-serve expertise to drive additional category expansion and opportunity. There is no doubt in my mind that the Company has a unique platform, a strong connection with the consumer and a great opportunity to deliver on its financial goals. I look forward to getting to know my fellow directors and collectively focusing on the long-term operating success of the Company,” said Mackay.
Earlier this month, Brian Kelley, former chief product supply officer of The Coca Cola Company (NYSE:KO) replaced Larry Blanford as chief executive officer.
Last month, GMCR’s earnings exceeded the estimates of analyst. The company reported $0.64 earnings per share (EPS) compared with the $0.48 EPS expected by analysts. Its revenue increased from $712 million to $947 million.
As previously reported, many analysts believe that GMCR is cooking its book, David Einhorn believes this to be true. Ben Strubel states that “changes in inventory obsolescence may have contributed heavily to Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) beating estimates.” He was wondering if the company used a new accounting technique to beat analyst estimates.