Green Mountain Coffee Roasters, Inc (NASDAQ:GMCR) announced the appointment of three new directors following the retirement of its former president and CEO, Lawrence Blanford, and founder Robert Stiller as members of the board of the company. Stiller will become chairman emeritus of the company after his retirement from the board.
The three new directors of Green Mountain Coffee Roasters, Inc (NASDAQ:GMCR) include John Hayes, executive vice president and chief marketing officer of American Express Company (NYSE:AXP); Susan Saltzbart Kilsby, senior advisor to Credit Suisse Group AG (NYSE:CS); and Robert A. Steele, former vice chairman, Healthcare Strategy for The Procter & Gamble Company (NYSE:PG).
In a statement, Norm Wesley, chairman of the board of directors of Green Mountain Coffee Roasters, Inc (NASDAQ:GMCR), described the newly appointed directors as “terrific individual leaders with prestigious careers and significant global experience.”
According to Wesley, “Each will be a tremendous asset to GMCR as we continue to drive single-serve beverage category expansion and pursue growth opportunities leveraging the strength of our Keurig brewing technology."
Green Mountain Coffee Roasters Agreement With Stiller
Green Mountain Coffee Roasters, Inc (NYSE:GMCR) signed an agreement with Stiller that he will continue to make himself available to the company for one year after his retirement on June 19, 2013. Stiller agreed to continue to provide advisory services and general advices related to the company’s corporate social responsibility and business innovation strategy. The company also entered a similar agreement with Blanford to provide general advisory services after his retirement until December 31, 2013.
Wesley stated that Stiller's vision for Green Mountain Coffee Roasters, Inc (NASDAQ:GMCR) was unwavering, and his foresight led the company to experience unprecedented growth. According to Wesley, the company successfully transformed from a regionally recognized specialty coffee roaster to a leader in the emerging single-serve beverage category in North America.
On the other hand, Stiller said, "I believe the time is right to retire from the Board and pursue a variety of personal interests. I am confident that GMCR's culture of innovation, the breadth and depth of our Board and leadership team, the determination of our employees and the incredible consumer enthusiasm for our brands will continue to drive value for all GMCR stakeholders.” He expressed enthusiasm in his new role as chairman emeritus of the company.
Meanwhile, the company said the appointment of Steele was effective on June 20 while Hayes and Kilsby will start serving on the board effective July 1.