Green Mountain (GMCR) Surges on International Expansion Moves

October 17, 2012 12:44 PM EDT
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.

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