Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) Strips Its Founder And Appoints An Interim Chairman

Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) rose 8.18% in the last three trading sessions after the Company announced an interim chairperson while Mr. Robert P. Stiller no longer serves as Chairman of the Board and Mr. William D. Davis no longer serves as Lead Director of the Board, effective immediately on the announcement.

Stiller and fellow director William Davis were stripped of many of the privileges of directors after it was known that they had sold some of their holdings to cover margin calls, following a 50% drop in the company's shares after a disappointing earnings report. Specifically, Mr. Stiller and Mr. Davis had margin call-related stock sales totaling 5.548 million shares which related to margin loans secured by pledges of Mr. Stiller's and Mr. Davis' GMCR stock and triggered by the Company’s stock price activity. The Board has also mandated that Mr. Stiller and Mr. Davis settle all outstanding margin loans by the end of calendar year 2012.Furthermore, the Company had later on concluded that no other senior officials have the sort of margin account that led the company to strip its founder.

The Company’s stock has dropped 41.39% year to date but there had hardly been any change to its current trading price. Shares of Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) traded hands at a low volume of 5.76 million shares as compared to its average trading volume of 10.02 million shares.Green Mountain Coffee Roasters, Inc. (GMCR) is engaged in the specialty coffee and coffee maker businesses.