(Reuters) - Green Mountain Coffee Roasters Inc GMCR.O said independent director Douglas Daft, the former CEO of Coca-Cola Co (KO.N), resigned from its board at a time when concerns of slowing growth and allegations of accounting malpractices have hammered the stock.
Green Mountain’s board has faced increased scrutiny after the company’s founder and former chairman, Robert Stiller, and a senior director were demoted earlier this month for selling its shares when it was prohibited.
Daft, 69, resigned from the board on May 22 for personal reasons, including “extensive overseas and travel commitments,” and not because of any disagreement over the running of the company, Green Mountain said in a filing with the U.S. Securities and Exchange Commission.
The maker of the one-cup Keurig coffee brewers said it would cut its board size to eight from nine.
Green Mountain’s once high-flying stock has lost 78 percent of its value since touching a life high of nearly $116 last September after well-known short seller David Einhorn questioned the company’s accounting practices and growth potential in an investor presentation.
Two disappointing quarters out of the three that followed Einhorn’s presentation further eroded investor confidence in the management.
Reporting by Mihir Dalal in Bangalore; Editing by Sriraj Kalluvila, Viraj Nair