William Davis, former Lead Director of Green Mountain Coffee, resigns from board
Mon Aug 13 2012
A Green Mountain Coffee Roadsters Inc director who was caught up in a steep decline in company value has resigned, the Waterbury company announced Monday. William D Davis provided notice to GMCR of his resignation from the Board of Directors effective immediately.
Davis has sold 608,000 shares of GMCR stock this year, as he and former chairman and company founder Bob Stiller were forced to sell large blocks of their own shares to cover outside investments. Both were demoted from their previous board positions on May 8. Stiller remains on the board.
Davis sold 400,000 shares on May 4 and 148,000 on May 7. Stiller sold 5 million shares on May 7. Because of the selloff and a disappointing quarterly report, half the value of the company was wiped out overnight. The stock has plummeted from a high of $115.98 last September to a low of $17.11 in July. As of the close of business Monday, the stock was at $24.47. Concern over corporate governance and the expiration of Keurig patents this September has caused investors to lose confidence in the company, while short sellers have made a killing since last November, even while the company continues to grow and show a profit. The company also announced upon the release of its thrid quarter report in July that it is repurchasing 500,000 shares. (SEE STORY on Q3 REPORT)
In a statement regarding Davis, the company said: "Mr Davis has been a valued member of the Company’s Board for nearly 20 years, and during his tenure the Company has benefited greatly from his diverse consumer products background, extensive understanding of the Company’s business and operations and senior management experience, among other things. Mr. Davis confirmed that his resignation was for personal reasons, and was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices." (SEE STORY)
In response to Davis’s resignation, the board has reduced its size from nine to eight members. Davis, the board's previous Lead Director, served on no board committees at the time of his resignation.
From GMCR Web site:
Robert P. Stiller , founder of the Company, served as its President and Chief Executive Officer since its inception in July 1981 until May 2007. Mr. Stiller also served the Company as Chairman of the Board of Directors from May 2007 until May 2012. Mr. Stiller's qualifications to serve on your Board include his intimate knowledge of your Company, as its founder, as well as his vision and foresight in understanding the trends in the marketplaces most affecting your Company.
| Date | Type | Shares Traded | Price Range |
|---|---|---|---|
| May 7, 2012 | Sell | 5,000,000 | 24.68 |
| Mar 27, 2012 | Disposition (Non Open Market) | 19,065 | 51.91 |
| Feb 24, 2012 | Sell | 500,000 | 66.68 |
| Feb 15, 2012 | Sell | 500,000 | 65.94 |
| Nov 29, 2011 | Disposition (Non Open Market) | 20,000 | 48.92 |
| Nov 23, 2011 | Disposition (Non Open Market) | 200,350 | 50.13 |
| Aug 4, 2011 | Disposition (Non Open Market) | 18,050 | 107.43 |
| Aug 4, 2011 | Sell | 500,000 | 107.43 |
| May 5, 2011 | Sell | 310,000 | 68.34 |
| May 5, 2011 | Option Execute | 110,000 | 4.24 - 30.79 |
| Mar 15, 2011 | Disposition (Non Open Market) | 11,144 | 58.99 |
| Feb 10, 2011 | Disposition (Non Open Market) | 6,360 | 41.36 |
| Jul 8, 2010 | Disposition (Non Open Market) | 2,650 | 26.48 |
| Jun 24, 2010 | Disposition (Non Open Market) | 965 | 26.09 |
| May 27, 2010 | Disposition (Non Open Market) | 8,700 | 24.24 |
| Mar 26, 2010 | Disposition (Non Open Market) | 2,710 | 93.13 |
| Mar 12, 2010 | Disposition (Non Open Market) | 837,930 | 92.65 |
| Dec 10, 2009 | Disposition (Non Open Market) | 280 | 63.47 |
| Dec 7, 2009 | Disposition (Non Open Market) | 5,000 | 60.39 |
| May 22, 2009 | Disposition (Non Open Market) | 700 | 79.78 |
| May 4, 2009 | Sell | 200,000 | 73.22 |
| Mar 11, 2009 | Disposition (Non Open Market) | 5,000 | 37.81 |
| Mar 5, 2009 | Sell | 64,400 | 40.21 |
| Mar 4, 2009 | Sell | 135,600 | 40.17 |
| Dec 11, 2008 | Disposition (Non Open Market) | 280 | 35.51 |
| Dec 1, 2008 | Disposition (Non Open Market) | 2,000 | 36.45 |
| Nov 25, 2008 | Sell | 32,632 | 32.96 |
| Nov 24, 2008 | Sell | 67,368 | 33.25 |
| Nov 21, 2008 | Sell | 162,553 | 30.25 |
| Nov 21, 2008 | Option Execute | 177,229 | 6.65 - 7.50 |
| Nov 19, 2008 | Sell | 68,573 | 31.00 |
| Nov 18, 2008 | Sell | 166,400 | 31.20 |
| Nov 17, 2008 | Sell | 65,027 | 31.83 |
| Nov 13, 2008 | Disposition (Non Open Market) | 500 | 31.90 |
| May 16, 2008 | Sell | 64,630 | 39.45 |
| May 14, 2008 | Sell | 75,000 | 38.96 |
| May 12, 2008 | Sell | 14,100 | 38.03 |
| May 8, 2008 | Sell | 109,200 | 38.50 |
| May 6, 2008 | Sell | 37,070 | 39.43 |
| May 6, 2008 | Disposition (Non Open Market) | 627,063 | 39.21 |
| May 5, 2008 | Disposition (Non Open Market) | 8,905 | 37.45 |
William D. Davis is the Vice Chairman of the Board of Directors of Learning Care Group, Inc., a provider of early education and care services to children primarily under the age of 12. He was President and Chief Executive Officer, and a Director from July 2002 until September 2010. Mr. Davis's qualifications to serve on your Board include a diverse consumer products background, an extensive understanding of your Company's business and operations and significant senior management expertise.
| Date | Type | Shares Traded | Price Range |
|---|---|---|---|
| May 7, 2012 | Sell | 148,000 | 25.17 |
| May 4, 2012 | Sell | 400,000 | 25.01 - 25.33 |
| Feb 27, 2012 | Sell | 35,000 | 66.37 |
| Feb 23, 2012 | Sell | 15,000 | 69.49 |
| Feb 7, 2012 | Automatic Sell | 10,000 | 68.70 |
| Oct 27, 2011 | Option Execute | 21,600 | 6.09 - 9.14 |
| Aug 9, 2011 | Option Execute | 81,000 | 2.74 - 4.24 |
| May 5, 2011 | Sell | 40,000 | 68.34 |
| Jun 4, 2010 | Option Execute | 18,225 | 24.12 |
| Nov 28, 2008 | Buy | 1,500 | 36.21 - 36.35 |
| Nov 28, 2008 | Buy | 1,500 | 36.55 |
Source: GMCR, August 13, 2012; Vermont Business Magazine.