Specialty and single-serve coffee distributor Green Mountain Coffee Roasters (NASDAQ:GMCR) has appointed three new members to its Board of Directors, the result of two board members' retiring: former president and CEO Lawrence Blanford and Green Mountain founder Robert Stiller, who will become chairman emeritus.
The three new members of the board are Robert Steel, Procter & Gamble's former vice chairman of health care strategy; Susan Kilsby, a senior advisor to Credit Suisse Group AG; and John D. Hayes, executive vice president and chief marketing officer for American Express.
Stiller is quoted in the GMCR press release as expressing confidence that Green Mountain's new board members will be beneficial toward the company's "culture of innovation, the breadth and depth of our Board and leadership team, the determination of our employees and the incredible consumer enthusiasm for our brands." Following the appointments, the GMCR board will consist of 11 members, 10 of whom are independent.
Stiller founded GMCR in 1981 and served as its president and CEO through May 2007. Blanford served as GMCR's president and CEO from May 2007 to December 2012. Stiller and Blanford will remain available as consultants to the company for a limited amount of time, with payments of $50,000 per year for those positions, according to an SEC filing.
Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends American Express, Green Mountain Coffee Roasters, and Procter & Gamble. 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.