GMCR Appoints Three New Directors To Board

June 24, 2013

Green Mountain Coffee Roasters, Inc. announced the appointment of three new directors to its board: John D. Hayes, executive vice president and chief marketing officer of American Express; Susan Saltzbart Kilsby, senior advisor to Credit Suisse AG; and Robert A. Steele, former vice chairman, healthcare strategy for The Proctor & Gamble Company. The appointments coincide with the retirement of two Board members, former President and CEO, Lawrence Blanford, and GMCR founder, Robert Stiller, who becomes chairman emeritus following his retirement from the board.

Commenting on the new members, GMCR's Chairman of the board of directors Norm Wesley said, in a prepared statement, "John, Susan and Rob are terrific individual leaders with prestigious careers and significant global experience. Each will be a tremendous asset to GMCR as we continue to drive single-serve beverage category expansion and pursue growth opportunities leveraging the strength of our Keurig® brewing technology."

Wesley continued, "Bob Stiller's vision for GMCR has been unwavering and as a result of his foresight, GMCR experienced unprecedented growth as it successfully transitioned from a regionally recognized specialty coffee roaster to a leader in the emerging single-serve beverage category in North America. On behalf of many GMCR stakeholders, including our Board and our executive leadership and all our employees, we express our gratitude to Bob and we are very pleased that he will assume the newly created role of chairman emeritus."

Stiller stated, "I believe the time is right to retire from the board and pursue a variety of personal interests. I am confident that GMCR's culture of innovation, the breadth and depth of our board and leadership team, the determination of our employees and the incredible consumer enthusiasm for our brands will continue to drive value for all GMCR stakeholders. It has been the highlight of my business career to serve GMCR and I am enthusiastic to continue to do so in this new role."

GMCR President and CEO, Brian P. Kelley said, "GMCR has a bright future with growth opportunities in new channels and with new brewer technologies that take the power of Keurig® to new beverages in large part thanks to the solid foundation and building blocks that Larry Blanford and the GMCR team put in place. Personally, I am grateful for Larry's guidance during my initial days as GMCR's CEO and on behalf of the Board, our employees, partners, customers and many other GMCR stakeholders, I thank him for his unwavering dedication to the company."

Steele's appointment is effective June 20, 2013 and Hayes and Kilsby's appointments will be effective July 1, 2013. Stiller's retirement was effective June 19, 2013. Blanford's retirement will be effective June 21, 2013. Upon Hayes and Kilsby's appointments, GMCR's Board of Directors will consist of 11 members, 10 of whom are independent.

In connection with Stiller's retirement, Stiller and the company entered into a letter agreement, dated June 19, 2013, pursuant to which Stiller will make himself available for a period of one year following his retirement to provide advisory services and general advice to GMCR relating to its corporate social responsibility mission and business innovation strategy. Similarly, in connection with Blanford's retirement, Blanford and the company entered into a letter agreement, dated June 19, 2013, pursuant to which Blanford will make himself available until December 31, 2013 to provide general advisory services to GMCR.


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