(AP) — Shares of Green Mountain Coffee Roasters Inc. jumped Wednesday after the company disclosed that it has hired someone to lead the international development of its business.
THE SPARK: According to a filing with the Securities and Exchange Commission, Green Mountain hired Gerard Geoffrion, currently head of its business in Canada, to serve as its president of international business development. Geoffrion, 60, will assume his new role immediately.
Green Mountain also said that it promoted Sylvain Toutant, 49, to fill Geoffrion's spot as president of GMCR Holding Inc. He previously worked as the chief operating officer of the company's Canadian business unit.
THE BIG PICTURE: Green Mountain currently operates only in the U.S. and Canada and international expansion may be the lifeline it needs.
The company pioneered the single-serve coffee market in the U.S. with its Keurig machines and grew quickly on their popularity.
However, Green Mountain faced numerous challenges as other competitors roll out their products and the patent on technology for its K-Cups expired. The company said in August that its growth was slowing.
Green Mountain declined to discuss its specific plans for international growth on Wednesday but the company has previously said that it is looking for growth opportunities outside of North America.
SHARE ACTION: The company's shares hit their peak in 2011 at $107.99 but lost nearly 80 percent of their value since then.
Investors were eager to hear any good news from the once hot stock and sent its shares up $1.40, or 6.3 percent, to close at $23.66.