Mondelez-backed director departs Keurig Dr Pepper board as stake drops sub-5%
Keurig Dr Pepper (NASDAQ:KDP) announced the departure of a board director as MondelÄz 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 MondelÄz due to the companyâs over 5% stake in Keurig Dr Pepper (KDP). However, Mondelezâs stake has now fallen below that threshold.

âGiven that MondelÄzâs ownership has fallen below 5%, Mr. Call has resigned, and MondelÄz is no longer entitled to designate any directors to the Companyâs Board,â the filing stated. âMr. Callâs decision to resign did not result from any disagreement with the Company or the Board. Following Mr. Callâs resignation, the Board decreased the size of the Board by one to 11 directors.â
Read more on the companyâs latest earnings result.