* 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.
[ID:nL4E8G373P]
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
Article source: http://uk.reuters.com/article/2012/05/09/idUKL4E8G89AE20120509?feedType=RSS&feedName=consumerproducts-SP Wedding voucher directory
