Keurig Green Mountain, Inc, (NASDAQ: GMCR) today announced that Frances G Rathke will be leaving the Company in 2015 after 11 years of service. As part of the succession plan, the Company has engaged an executive search firm. To facilitate a successful transition, Rathke will continue to serve as Chief Financial Officer and Treasurer until a replacement is appointed, at which time, Rathke will serve in the new role of Strategic Advisor to the CEO reporting to Brian Kelley. She will stay in this latter role no later than September 26, 2015.
A well-respected leader of entrepreneurial growth companies, Rathke, 54, joined Keurig in 2003 as Chief Financial Officer and Treasurer and has since been responsible for leading the Company's finance organization. This includes overseeing Corporate Financial Planning and Strategy, Mergers and Acquisitions, Investor Relations, Commercial Finance, Accounting and Controls, Treasury, Tax, Audit and Risk Management. In this role, she also serves as management representative for the Audit and Finance Committee for the Board of Directors.
During Rathke's tenure, net sales at the Company grew 40-fold, from $117 million in 2003 to $4.7 billion in 2014, with corresponding GAAP earnings per share CAGR of 46%. Ms. Rathke also oversaw $1.5 billion of acquisitions starting with Keurig, Incorporated in 2006, and the subsequent Keurig, Incorporated licensees during fiscal years 2009 through 2011. She also played a leading role in numerous capital raises totaling $2.6 billion including strategic investments, most notably the recent investment in Keurig Green Mountain by The Coca-Cola Company and Luigi Lavazza S.p.A.
Brian Kelley, Keurig's President and Chief Executive Officer, said, "Speaking personally, on behalf of the entire board, and for everyone at Keurig, I would like to thank Fran for her tireless commitment, integrity, financial expertise and countless contributions. She has been a trusted advisor providing leadership, operational and financial guidance, particularly when I first joined Keurig two years ago. We look forward to Fran's continued leadership as we conduct our CFO search and execute an orderly transition to her successor."
Rathke noted, "It has been a privilege to have served as Keurig's CFO over this amazing period. The Company has an exceptional management team and world-class employees and together we have transformed the coffee business in the United States and Canada over the past decade. I'm confident Keurig will continue to revolutionize the beverage industry with technology leadership positions in both hot and cold beverages. With the Company's financial position stronger than ever, 2015 is a logical time to transition to a new leader who will help drive the next phase of growth. I look forward to working with the Board and Brian in that regard, and beginning my next chapter."
Source: WATERBURY, Vt.--(BUSINESS WIRE)-- Keurig Green Mountain 11.19.2014