Green Mountain (GMCR) Surges on International Expansion Moves
Tweet Send to a Friend
Get Alerts GMCR Hot Sheet
Down)
Trade GMCR Now!
Shares of Green Mountain (NASDAQ: GMCR) are ripping higher Wednesday after the company made moves in its international development effort.
The single-serve coffee leader in North America entered into a deal with Gerard Geoffrion to be the company's President, International Business Development effective immediately. Mr. Geoffrion has most recently served as President, GMCR Canada Holding, Inc. and President, Canada Business Unit.
In his new role, Mr. Geoffrion will lead the exploration of business opportunities outside North America.
For his efforts, Mr. Geoffrion is receiving an annual salary of $390,000 and other benefits, including short-term (with an opportunity at target for Fiscal Year 2012 of 60% of base salary) and long-term incentive (with an opportunity at target for Fiscal Year 2012 of 120% of base salary) bonus compensation based upon the Company achieving certain operational and financial goals, as determined by the Company’s board of directors in its sole discretion.
The news was disclosed in a SEC filing, and Green Mountain did not announce any new plans for its international development effort. However, currently most - if not all -of the company's revenue is generated in North America, so a new source of revenue would be welcome news for investors.
"While we have no specific plans to discuss today, we've noted previously that we are exploring opportunities for our products in geographies outside of North America," Green Mountain spokeswoman Suzanne DuLong said.
Shares of Green Mountain last traded at $24.10, up 8.3 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The single-serve coffee leader in North America entered into a deal with Gerard Geoffrion to be the company's President, International Business Development effective immediately. Mr. Geoffrion has most recently served as President, GMCR Canada Holding, Inc. and President, Canada Business Unit.
In his new role, Mr. Geoffrion will lead the exploration of business opportunities outside North America.
For his efforts, Mr. Geoffrion is receiving an annual salary of $390,000 and other benefits, including short-term (with an opportunity at target for Fiscal Year 2012 of 60% of base salary) and long-term incentive (with an opportunity at target for Fiscal Year 2012 of 120% of base salary) bonus compensation based upon the Company achieving certain operational and financial goals, as determined by the Company’s board of directors in its sole discretion.
The news was disclosed in a SEC filing, and Green Mountain did not announce any new plans for its international development effort. However, currently most - if not all -of the company's revenue is generated in North America, so a new source of revenue would be welcome news for investors.
"While we have no specific plans to discuss today, we've noted previously that we are exploring opportunities for our products in geographies outside of North America," Green Mountain spokeswoman Suzanne DuLong said.
Shares of Green Mountain last traded at $24.10, up 8.3 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- SolarCity (SCTY), Goldman Sachs (GS) Announce $500M U.S. Rooftop Solar Lease Financing Platform
- Tableau Software (DATA) IPO now indicated $42-$44
- Marketo (MKTO) IPO Opens 54% Higher
Create E-mail Alert Related Categories
Corporate News, Momentum Movers, Trader Talk
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
