Green Mountain Coffee Roasters says it’s hired an executive from Coca-Cola as its new CEO.
Fifty-one-year-old Brian Kelley will also become president and join the coffee company’s board. The appointment is effective December third.
Green Mountain’s stock rose 12 percent this morning immediately after the announcement.
Green Mountain’s current CEO, Lawrence Blanford, said in February that he planned to retire.
Green Mountain Coffee pioneered single-serve coffee in the U-S with its Keurig machines and grew quickly on their popularity.
But the company has struggled. Shares are down 39 percent this year, as patents on technology for Green Mountain’s K-Cups expired and competitors released their own single-serve coffee makers.