* Removes Robert Stiller as chairman
* Removes William Davis as lead director
* Names Michael Mardy interim chairman
* Stiller and Davis to remain on the board
* Sales during prohibited period covered margin calls
(Adds background, comments)
By Mihir Dalal and Martinne Geller
May 8 (Reuters) – Green Mountain Coffee Roasters Inc
(GMCR.O) stripped its founder, Robert Stiller, of his role as
chairman and demoted another director for selling company shares
at a time when trading by insiders was prohibited.
The maker of Keurig single-serve coffee brewers said on
Tuesday the two men sold their shares to cover margin calls
following a near 50 percent drop in Green Mountain’s stock price
since it reported disastrous quarterly results last Wednesday.
Shares in the company fell nearly 4 percent on the news of
the prohibited trading, which raised fresh questions about the
credibility of a management team already under scrutiny by hedge
fund manager David Einhorn and others who have questioned Green
Mountain’s growth prospects and accounting practices.
Green Mountain appointed Michael Mardy, chief financial
officer of Tumi Holdings Inc (TUMI.N), as interim chairman and
Hinda Miller, a Vermont state senator, as