Keurig Green Mountain Says Speculation Of a Shake-up Of R&D Team Is Untrue

Keurig Green Mountain said Monday that speculation of a shake-up of its research & development division is untrue. "There has been no shake-up in our R&D division," the company said in a short statement. The maker of single-brew coffee said that Kevin Sullivan, its chief technology officer, has no plans to leave the company, although he has shifted his role to focus more on critical technology initiatives at his own request. "In April 2015, following a comprehensive search to find the best candidate to serve as Keurig's Chief Technology Officer, Mark Choe assumed the position, joining Keurig from Whirlpool Corporation," said the statement. "Since Mark began in his role, he and Kevin have been working closely together to ensure a seamless transition." Shares were down 3.9% in afternoon trade and have lost 15% in the year so far, while the S&P 500 has gained about 2%.