Nine months after announcing the retirement of President and CEO Lawrence Blanford, Green Mountain Coffee Roasters (NAS: GMCR) announced this morning that it's found a replacement. New President and CEO Brian Kelley will take over, and take a seat on the Board of Directors as well, on Dec. 3.
Green Mountain's gain, though, is The Coca-Cola Company's (NYS: KO) loss. Kelley, 51, had been set to take over as president of Coca-Cola Refreshments, Coke's North American business unit, on Jan. 1. He had been Coca-Cola Refreshments' chief product supply officer since October 2010 and previously worked as Coke's president of North America Business Integration.
Now, the soft-drinks giant will have to find a new exec, as Kelley jumps ship for the coffee roaster and maker of Keurig brewer machines. Coca-Cola Refreshments on Monday named Glen Walter to take Kelley's place as president of CCR. Walter is currently head of region sales for CCR.
Said Kelley in a GMCR press release: "I am honored and excited by the opportunity to lead this organization whose products have sparked unparalleled growth in specialty coffee, and I look forward to working with its dedicated employees to drive continued growth and to deliver new innovations."
In some ways, trading in a job at a Coke subsidiary for one bossing an entire company is actually a step down for Kelley. With $21.5 billion in annual revenue, Coca-Cola Refreshments is several times larger than all of Green Mountain, which did only $3.6 billion in business over the last 12 months. On the other hand, Kelley will have more opportunity to make his mark at faster-growing Green Mountain, which has grown its revenues more than 10 times over the past five years.
The article Green Mountain Coffee Snags Its New CEO From Coke originally appeared on Fool.com.
Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of Green Mountain Coffee Roasters and has the following options: short DEC 2012 $21.00 calls on Green Mountain Coffee Roasters, short DEC 2012 $21.00 calls on Green Mountain Coffee Roasters, long DEC 2012 $16.00 puts on Green Mountain Coffee Roasters, and long DEC 2012 $16.00 puts on Green Mountain Coffee Roasters. Motley Fool newsletter services recommend Green Mountain Coffee Roasters and The Coca-Cola Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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