Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), a leader in
specialty coffee and single serve beverages with its innovative Keurig®
single cup brewing technology, today announced the appointment of three
new Directors to its Board: John D. Hayes, Executive Vice President and
Chief Marketing Officer of American Express; Susan Saltzbart Kilsby,
Senior Advisor to Credit Suisse AG; and Robert A. Steele, former Vice
Chairman, Healthcare Strategy for The Proctor & Gamble Company. The
appointments coincide with the retirement of two Board members, former
President and CEO, Lawrence Blanford, and GMCR founder, Robert Stiller,
who becomes Chairman Emeritus following his retirement from the Board.
Commenting on the new members, GMCR’s Chairman of the Board of Directors
Norm Wesley said, “John, Susan and Rob are terrific individual leaders
with prestigious careers and significant global experience. 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.”
Mr. Wesley continued, “Bob Stiller’s vision for GMCR has been unwavering
and as a result of his foresight, GMCR experienced unprecedented growth
as it successfully transitioned from a regionally recognized specialty
coffee roaster to a leader in the emerging single-serve beverage
category in North America. On behalf of many GMCR stakeholders,
including our Board and our executive leadership and all our employees,
we express our gratitude to Bob and we are very pleased that he will
assume the newly created role of Chairman Emeritus.”
Mr. Stiller stated, “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. It has been the highlight of my business career to
serve GMCR and I am enthusiastic to continue to do so in this new role.”
GMCR President and CEO, Brian P. Kelley said, “GMCR has a bright future
with growth opportunities in new channels and with new brewer
technologies that take the power of Keurig® to new beverages
in large part thanks to the solid foundation and building blocks that
Larry Blanford and the GMCR team put in place. Personally, I am grateful
for Larry’s guidance during my initial days as GMCR’s CEO and on behalf
of the Board, our employees, partners, customers and many other GMCR
stakeholders, I thank him for his unwavering dedication to the Company.”
Mr. Steele’s appointment is effective June 20, 2013 and Mr. Hayes and
Ms. Kilsby’s appointments will be effective July 1, 2013. Mr. Stiller’s
retirement was effective June 19, 2013. Mr. Blanford’s retirement will
be effective June 21, 2013. Upon Mr. Hayes and Ms. Kilsby’s
appointments, GMCR’s Board of Directors will consist of 11 members, 10
of whom are independent.
In connection with Mr. Stiller’s retirement, Mr. Stiller and the Company
entered into a letter agreement, dated June 19, 2013, pursuant to which
Mr. Stiller will make himself available for a period of one year
following his retirement to provide advisory services and general advice
to GMCR relating to its corporate social responsibility mission and
business innovation strategy. Similarly, in connection with Mr.
Blanford’s retirement, Mr. Blanford and the Company entered into a
letter agreement, dated June 19, 2013, pursuant to which Mr. Blanford
will make himself available until December 31, 2013 to provide general
advisory services to GMCR.
John D. Hayes, 58, has been Executive Vice President since May
1995 and Chief Marketing Officer of American Express since August 2003.
Prior to joining American Express, Hayes spent over 20 years in the
brand and advertising industry. He was President of Lowe & Partners and
worked with clients including The Coca-Cola Company. He also has held
senior positions at Geer DuBois Inc., Ammirati & Puris and Saatchi &
Saatchi Compton. In addition, he has led the development of product
position and global campaigns for Citibank, Aetna , Proctor and Gamble,
Prudential Insurance, RJR Nabisco, Mercedes-Benz and Reebok.
Mr. Hayes is a Member of the Board of Yahoo! Inc., Board of Trustees of
Save the Children and Board of Regents Seton Hall University. He was a
previous Board Member of Fairfield Communities Inc., the Association of
National Advertisers and The Tiger Woods Foundation. He received a B.A.
in Communications from Seton Hall University.
Susan Saltzbart Kilsby, 54, has served as a part-time Senior
Advisor to Credit Suisse Group AG since 2009. During her more than 30
years at Credit Suisse, she served as Chairman of Mergers and
Acquisitions, EMEA and Vice Chairman of the European Investment Banking
Committee, and also led the European Consumer, Retail & Services
Investment Banking Group. Her career in global investment banking also
includes senior positions with Barclays de Zoete Wedd, Bankers Trust and
The First Boston Corporation.
Ms. Kilsby is currently a Member of the Boards of BBA Aviation PLC,
Coca-Cola HBC AG and Shire PLC. She serves as the International Regional
Chair of the Committee of 200 and was a founding Member of the
Competitor Diversity Forum. She is a Visiting Fellow of the Cass
Business School and is Chairman of the M+A Research Centre at Cass. Ms.
Kilsby also serves on the Advisory Board of the Yale School of
Management and is a Member of the Business Leadership Council of
Wellesley College. She previously served on the Board of Directors of
L’Occitane S.A. She holds a B.A. in Economics from Wellesley College and
an M.B.A. from the Yale School of Management.
Robert A. Steele, 57, is the former Vice Chairman, Healthcare
Strategy for The Proctor & Gamble Company. In his 35 years at the
company he held several leadership positions including Vice Chairman,
Global Health and Well-Being, with responsibility for oral care,
feminine care, personal health care, pet care and snack brands; Group
President, Household Care; Group President, North America; President,
North America; and Vice President, North American Market Development
Organization. He began his career in sales before moving to brand
Mr. Steele is a Member of the Board of Directors of Beam, Inc. and is an
Adviser to CVC Capital Partners Ltd. He previously served on the Board
of Directors of the Kellogg Company. He holds a B.A. from College of
Wooster and an M.B.A. from Cleveland State University.
Lawrence J. Blanford, 59, served as GMCR’s President, Chief
Executive Officer of the Company from May 2007 to December 2012, and
will serve as Director until June 21, 2013. Mr. Blanford previously was
Chief Executive Officer at Royal Group Technologies Ltd., and President
of Strategic Value Consulting, LLC, a consultancy firm. His prior
experience included various management positions with Royal Philips
Electronics (North America), Maytag Corporation, Johns Manville
Corporation, PPG Industries and The Procter & Gamble Company. Mr.
Blanford is a member of the Board of Directors of Steelcase Inc . He
holds a B.S. degree in Chemical Engineering from the University of
Cincinnati and an MBA from Xavier University in Cincinnati.
Robert P. Stiller, 69, founded GMCR in 1981 and served as its
President and Chief Executive Officer through May of 2007. He also
served as Chairman of the Board from May 2007 through May 2012 and as a
Director until June 19, 2013.
About Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR)
As a leader in specialty coffee and coffee makers, Green Mountain Coffee
Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its
award-winning coffees, innovative Keurig® single cup brewing
technology, and socially responsible business practices. GMCR supports
local and global communities by investing in sustainably-grown coffee,
and donating a portion of its profits to social and environmental
GMCR routinely posts information that may be of importance to investors
in the Investor Relations section of its website, including news
releases and its complete financial statements, as filed with the SEC.
The Company encourages investors to consult this section of its website
regularly for important information and news. Additionally, by
subscribing to the Company's automatic
email news release delivery, individuals can receive news directly
from GMCR as it is released.
Certain information contained in this release, including statements
concerning expected performance such as those relating to net sales,
earnings, cost savings, acquisitions and brand marketing support, are
"forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act of 1934. Generally, these statements may be
identified by the use of words such as "may," "will," "would," "expect,"
"should," "anticipate," "estimate," "believe," "forecast," "intend,"
"plan" and similar expressions intended to identify forward-looking
statements. These statements may relate to: the expected impact of raw
material costs and our pricing actions on our results of operations and
gross margins, expected trends in net sales and earnings performance and
other financial measures, the expected productivity and working capital
improvements, the ability to maximize or successfully assert our
intellectual property rights, the success of introducing and producing
new product offerings, ability to attract and retain senior management,
the impact of foreign exchange fluctuations, the adequacy of internally
generated funds and existing sources of liquidity, such as the
availability of bank financing, the expected results of operations of
businesses acquired by us, our ability to issue debt or additional
equity securities, our expectations regarding purchasing shares of our
common stock under the existing authorizations, and the impact of the
inquiry initiated by the SEC and any related litigation or additional
governmental inquiry or enforcement proceedings.
These and other forward-looking statements are based on management's
current views and assumptions and involve risks and uncertainties that
could significantly affect expected results. Results may be materially
affected by external factors such as damage to our reputation or brand
name, business interruptions due to natural disasters or similar
unexpected events, actions of competitors, customer relationships and
financial condition, the ability to achieve expected cost savings and
margin improvements, the successful acquisition and integration of new
businesses, fluctuations in the cost and availability of raw and
packaging materials, changes in regulatory requirements, and global
economic conditions generally which would include the availability of
financing, interest, inflation rates and investment return on retirement
plan assets, as well as foreign currency fluctuations, risks associated
with our information technology systems, the threat of data breaches or
cyber-attacks, and other risks described in the Company's filings with
the Securities and Exchange Commission.
Actual results could differ materially from those projected in the
forward-looking statements. The Company undertakes no obligation to
update or revise publicly, any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required by law.