UPDATE: Green Mountain (GMCR) Strips Stiller of Chairman Role Following Margin Call, Names Michael Mardy as Interim Chairman; Davis Also Removed as Lead Director
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(Updated - May 8, 2012 5:41 PM EDT)
Green Mountain (Nasdaq: GMCR) says Robert Stiller will no longer be Chairman and William Davis will no longer serve as Lead Director, effective immediately, following stock sales by Stiller and Davis' brokerage firm which were inconsistent with the company's internal trading policies.
The company appointed Michael Mardy, a director and chair of the company's Audit and Finance Committee, as the interim chairman and Hinda Miller as Chair of the Governance and Nominating Committee.
On Friday, May 4, 2012, as the result of a margin call on pledged GMCR stock, approximately 400,000 shares and on Monday, May 7, 2012 approximately 148,000 shares of GMCR stock were sold from Mr. Davis’ brokerage account at a time when the trading window in GMCR stock was closed pursuant to the Company’s internal trading policy. In addition, during the Company’s review of the May 4 trade, it learned that, inconsistent with the Company’s policy, Mr. Davis had pledged approximately 204,000 new shares to his margin loan after January 1, 2012.
On Monday, May 7, 2012, as the result of a margin call on pledged GMCR stock, 5 million shares of GMCR stock were sold from Mr. Stiller’s brokerage account, at a time when the trading window in GMCR stock was closed pursuant to the Company’s internal trading policy.
Green Mountain (Nasdaq: GMCR) says Robert Stiller will no longer be Chairman and William Davis will no longer serve as Lead Director, effective immediately, following stock sales by Stiller and Davis' brokerage firm which were inconsistent with the company's internal trading policies.
The company appointed Michael Mardy, a director and chair of the company's Audit and Finance Committee, as the interim chairman and Hinda Miller as Chair of the Governance and Nominating Committee.
On Friday, May 4, 2012, as the result of a margin call on pledged GMCR stock, approximately 400,000 shares and on Monday, May 7, 2012 approximately 148,000 shares of GMCR stock were sold from Mr. Davis’ brokerage account at a time when the trading window in GMCR stock was closed pursuant to the Company’s internal trading policy. In addition, during the Company’s review of the May 4 trade, it learned that, inconsistent with the Company’s policy, Mr. Davis had pledged approximately 204,000 new shares to his margin loan after January 1, 2012.
On Monday, May 7, 2012, as the result of a margin call on pledged GMCR stock, 5 million shares of GMCR stock were sold from Mr. Stiller’s brokerage account, at a time when the trading window in GMCR stock was closed pursuant to the Company’s internal trading policy.
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