What happened
In an August 2024 Fortune excerpt from his book 'Better and Better', Green Mountain Coffee founder Robert Stiller gives his own account of why the company became 'just another coffee company.' He writes that when he handed over in 2007 the firm was growing fast: sales up 40% at the end of 2006, a billion-dollar business in sight. He hired Larry Blanford, an experienced leader between jobs, announced in May 2007, only a few months after their first interview.
Stiller says he made the choice on intuition while somewhat burned out and did not plan the transition. He did not tell Blanford what the company's culture rested on, and he did not hear out those who questioned the pick. As chairman he stayed out of operations and did not attend companywide meetings, so he noticed late how the company was changing and kept his objections to himself when the changes were small.
Blanford was replaced in November 2012 by Brian Kelley, a former Coca-Cola executive, who Stiller says dismantled what remained of the culture. The company was renamed Keurig Green Mountain in 2014.
Why it happened
Stiller says he chose his successor in a few months, on intuition, and did not plan or discuss what the transition should look like.
He says he never specifically discussed the company's 'pillars of success' with Blanford or the board.
He says he did not listen to the many people who questioned the choice, and as chairman kept his distance.
The lesson
A founder who picks a successor on intuition, in months, without sharing the culture or consulting the board and staff, may lose the culture. A chairman who stays but stays distant makes it worse.
Aftermath
Stiller writes that over the year after the 2014 rename Keurig Green Mountain's stock dropped almost 70%. In December 2015 it was sold to an investor group led by JAB Holding, which also owned former rivals Peet's, Stumptown and Caribou Coffee. These are Stiller's own recollections and opinions in a book excerpt, not an independent assessment.
FOLLOW THE EVIDENCE