Green Mountain Strips Founder Stiller of Chairman Title
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Green Mountain Coffee Roasters Inc. stripped founder Robert P. Stiller of his position as chairman after he sold shares to meet a margin call at a time when the company’s trading policies prohibited such sales.
Michael J. Mardy, chairman of the audit and finance committee, will serve as interim chairman starting immediately, Waterbury, Vermont-based Green Mountain said in a statement yesterday. Board member William D. Davis, who also violated the trading policy, will no longer serve as lead director, the company said. Stiller and Davis will remain on the board without pay and won’t serve on any committees, Green Mountain said.