Green Mountain Coffee Roasters named Brian Kelly, a former Coca-Cola executive, as its new CEO.
Kelley will succeed Larry Blanford, who had already announced plans to step down as CEO earlier this year.
Green Mountain's ( stock jumped 6% Tuesday, after rising 11% Monday ahead of the announcement. Suntrust Robinson analyst Bill Chappell upgraded Green Mountain to a buy Tuesday, saying in a research note that the company's new CEO gives the coffee company a "new lease on life." )
Green Mountain's shareholders have been on a wild ride since October 2011, when David Einhorn, the hedge fund manager best known for being one of the first to shed light on the extent of Lehman Brother's troubles, delivered a scathing rebuke of the company's accounting practices during a conference presentation.
Until then, Green Mountain's stock was one of the best performers as consumers appeared to have an insatiable thirst for the company's K-cups.
Following Einhorn's comments, Green Mountain has stumbled, repeatedly missing sales targets in its quarterly earnings. Its stock is now more than 75% off its 2011 highs.
Over the past year, Green Mountain has introduced a host of new products, including most recently an at-home espresso machine.
So far, none of those products have ignited much interest from consumers and the company continues to wrestle with new competition for single serve coffee makers.
Still, Suntrust's Chappell believes the single serve coffee machine market remains underpenetrated, with only 15% of households owning one. He's betting that Green Mountain's Keurig systems could see strong sales this holiday season.
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