Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
Nine months after announcing the retirement of President and CEO Lawrence Blanford, Green Mountain Coffee Roasters (Nasdaq: 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 (NYSE: 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.