Green Mountain Coffee Roasters, Inc., (NASDAQ:GMCR) announced today the appointment of Howard Malovany as its Vice President, Corporate General Counsel and Secretary, effective February 9, 2009.
Mr. Malovany joins GMCR with over 30 years experience providing corporate legal counsel, including 14 years with Wm. Wrigley Jr. Company, where he most recently served as the Senior Vice President, Secretary and General Counsel. In that capacity, he was responsible for worldwide legal affairs as the chief legal officer, corporate secretary and chief compliance officer. During his tenure at Wrigley, Malovany directed an international legal team covering a wide range of legal activities, including corporate governance, securities issues, mergers and acquisitions, intellectual property management, and more. Prior to Wrigley, Malovany provided legal counsel to Outboard Marine Corporation in a variety of roles, and began his career at NCR Corporation. Mr. Malovany received his J.D. from the University of Toledo’s College of Law. He also holds an M.B.A. from the University of Dayton and a B.A. in Economics from The Ohio State University.
Speaking of his decision to join GMCR, Mr. Malovany said, “I look forward to joining the GMCR team at this exciting phase of its growth. I have tremendous respect for GMCR and its commitment to responsible and sustainable business practices. I am excited to contribute my legal expertise and leadership to help the Company maintain the highest ethical standards for its business processes while it expands into a national brand.”
Mr. Lawrence J. Blanford, Green Mountain Coffee Roasters, Inc. President and CEO, said, “We enthusiastically welcome Howard to GMCR. We believe that with his in-depth experience leading a broad range of global legal activities for the Wrigley Company and brand, he brings valuable legal insight and guidance to our Company. His background is a terrific fit with GMCR’s current and future needs, particularly as we position the Company to realize the opportunities from the Keurig Single-Cup Brewing System. We are pleased to have someone of Howard’s caliber joining our management team.”
Pursuant to the terms of employment with Mr. Malovany, GMCR awarded an inducement grant to Mr. Malovany of a non-qualified option to purchase 35,000 shares of GMCR common stock effective with his employment. The option award will be granted without stockholder approval pursuant to NASD Marketplace Rule 4350(i)(1)(A)(iv). The stock options will vest at a rate of 25% on each of the first four anniversaries of the date of grant and will have an exercise price equal to the closing price of GMCR common stock on February 9, 2009, or his first date of employment, whichever is later. The terms of these options are consistent with options granted under GMCR’s 2006 Incentive Plan.
Investor Information on the Company’s Website
GMCR routinely posts information that may be of importance to investors in the Investor Services section of its web site, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its web site regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.
About Green Mountain Coffee Roasters, Inc.
Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) is recognized as a leader in the specialty coffee industry for its award-winning coffees, innovative brewing technology and socially and environmentally responsible business practices. GMCR manages its operations through two wholly owned business segments: Green Mountain Coffee and Keurig. Its Green Mountain Coffee segment sells more than 100 high-quality coffee selections, including Fair Trade Certified™ organic coffees, under the Green Mountain Coffee® and Newman’s Own® Organics brands through its wholesale, direct mail and e-commerce operations (www.GreenMountainCoffee.com). Green Mountain Coffee also produces its coffee as well as hot cocoa and tea in K-Cup® portion packs for Keurig® Single-Cup Brewers. Keurig, Incorporated is a pioneer and leading manufacturer of gourmet single-cup brewing systems for offices, homes and hotel rooms. Keurig markets its patented brewers and K-Cups® through office distributors, retail and direct channels (www.Keurig.com). K-Cups are produced by a variety of licensed roasters including Green Mountain Coffee. Green Mountain Coffee Roasters, Inc. has been recognized repeatedly by CRO Magazine, Forbes and SustainableBusiness.com as a good corporate citizen and an innovative, high-growth company.
Certain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, the Company’s success in receiving required approvals for the acquisition of Tully’s wholesale business and then in efficiently and effectively integrating Tully’s wholesale operations and capacity into its Green Mountain Coffee segment, the ability of our lenders to honor their commitments under our credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, the unknown impact of management changes, Keurig’s ability to continue to grow and build profits with its roaster partners in the office and at home markets, the impact of the loss of one or more major customers for Green Mountain Coffee or reduction in the volume of purchases by one or more major customers, delays in the timing of adding new locations with existing customers, Green Mountain Coffee’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management's analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.
Green Mountain Coffee
Sandy Yusen, 866-968-2739
Dir. of PR
Frances G. Rathke, 802-882-2300
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