KDP - Mondelez-backed director departs Keurig Dr Pepper board as stake drops sub-5%

2023-03-06 06:47:58 ET

Keurig Dr Pepper ( NASDAQ: KDP ) announced the departure of a board director as Mondel?z International ( MDLZ ) stake dropped below 5%.

Per an SEC filing, Mondelez Corporate Controller and Chief Accounting Officer Michael Call resigned from the board on Friday. Call was appointed to the board as a designee of Mondel?z due to the company’s over 5% stake in Keurig Dr Pepper ( KDP ). However, Mondelez’s stake has now fallen below that threshold.

“Given that Mondel?z’s ownership has fallen below 5%, Mr. Call has resigned, and Mondel?z is no longer entitled to designate any directors to the Company’s Board,” the filing stated. “Mr. Call’s decision to resign did not result from any disagreement with the Company or the Board. Following Mr. Call’s resignation, the Board decreased the size of the Board by one to 11 directors.”

Read more on the company’s latest earnings result .

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