Press release from Business Wire
Green Mountain Coffee Roasters, Inc. Adds Norman H. Wesley, Former CEO and Chairman of Fortune Brands, to Board of Directors
Wednesday, August 01, 2012
Green Mountain Coffee Roasters, Inc. Adds Norman H. Wesley, Former CEO and Chairman of Fortune Brands, to Board of Directors16:03 EDT Wednesday, August 01, 2012
WATERBURY, Vt. (Business Wire) -- Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in
specialty coffee and coffee makers, today announced that Norman H.
Wesley, former CEO and Chairman of Fortune Brands, Inc., has joined its
Board of Directors. Effective immediately Mr. Wesley will be a Class II
Director with a term that expires at the Company's 2013 Annual Meeting
where he will stand for election by shareholders. His addition expands
GMCR's Board of Directors to nine members, seven of whom are independent.
“Norm has significant operational and strategic expertise from more than
20 years as a senior executive, including as Chief Executive Officer of
a multinational, multi-channel and multi-branded publicly traded
consumer products company,” said Michael J. Mardy, interim Chairman of
GMCR's Board of Directors. “In particular, we believe his financial
expertise will further enhance the ability of the Board to oversee and
monitor the Company's strategic planning as GMCR pursues opportunities
for continued growth including leveraging its core competencies into
adjacent categories.”
Lawrence Blanford, GMCR's CEO, added: “The management team looks forward
to Norm's insight and guidance.”
Mr. Wesley's appointment is the first resulting action from an ongoing
comprehensive governance review overseen by the Board's Governance and
Nominating Committee to further enhance the skills, experience and
attributes of the Board of Directors as a whole, and its individual
members, as the Company evolves. The Committee has retained advisors to
assist the Board, the committee and management in this review.
“GMCR's Board of Directors is focused on advancing its corporate
governance in support of protecting and enhancing the interests of the
Company's shareholders while working to assure the long-term operating
success of the business,” continued Mr. Mardy. “The Board will continue
to evaluate optimum Board and committee composition and structure as it
proceeds through this comprehensive governance review.”
“I look forward to contributing to the successful evolution of GMCR,”
said Mr. Wesley. “Despite some recent challenges associated with
extraordinary growth, it is clear that the Company has successfully
cemented itself in the hearts and minds of consumers who are passionate
about its products. For that reason, I believe there is ample
opportunity for the Company to capitalize on what we believe is
considerable occasion to create value for all of its stakeholders.”
Mr. Wesley joined Fortune Brands, Inc. in 1984 as part of the
acquisition of the company's former office products subsidiary. For more
than ten years he led the office products unit, which Fortune Brands
spun off to shareholders in 2005. Mr. Wesley became CEO of the company's
home and hardware business in 1997, President and COO of Fortune Brands
in January 1999, and Chairman and CEO of Fortune Brands in December
1999. He served as CEO through December 2007, and remained Chairman
until retiring in September 2008. Mr. Wesley began his career at Crown
Zellerbach Corporation, where over a ten-year period he held various
management positions, including Vice President and General Manager of
the Office Products Group, before joining Fortune Brands, Inc.
Mr. Wesley currently serves on the boards of ACCO Brands Corporation,
Acuity Brands, Inc. and Fortune Brands Home & Security, Inc. He received
a B.S. in finance and an M.B.A. from the University of Utah.
About Green Mountain Coffee Roasters, Inc.
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 offsetting 100% of its direct greenhouse
gas emissions, investing in sustainably-grown coffee, and donating at
least 5% of its pre-tax profits to social and environmental projects.
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.
Forward-Looking Statements
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.
GMCR-C
Green Mountain Coffee Roasters, Inc.Suzanne DuLong, 802-488-2600VP
IR & Corporate CommInvestor.Services@GMCR.com
