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Diedrich Coffee Inc. On the Lookout for New CEO
To promote the shift in business of selling coffee products, Irvine-based Diedrich Coffee Inc. has begun its search for a new chief executive. Korn/Ferry International has been hired on Thursday for the same. Russ Phillips, who is the present Diedrich chief, will be on board with the company while the search will be on. Diedrich has been aiming for this shift since some years.
Before making an exit from the business, Diedrich was running various coffeehouses. The last Diedrich store was sold out to Starbucks Corp. in the year 2006. Gloria Jean’s Gourmet Coffees & Teas chain was its last retail operations and that was sold out at $3.1 million to Praise International North America which is an affiliate of Australia’s Gloria Jean’s Coffees International Pty. Ltd. in the month of March.
This marked the exit of the company from this business.
Now the focus has totally shifted to selling coffee to coffeehouses, restaurants, offices and stores. A new single-serving coffee package is found to be responsible for the company’s growth. Its available in both offices and big retail stores like Wal-Mart Stores Inc. and New Jersey-based Bath & Beyond Inc. Kreuig Inc. which is a part of Vermont-based coffee wholesaler Green Mountain Coffee Roasters Inc. has licensed Diedrich to make coffee for K-Cups among a few other companies.
K-Cups let you brew one cup of coffee in a special machine that filters out the coffee grounds in a separate machine. Increase in the sales of K-Cups has led to revenues and profits for Diedrich. Growth stock investors are buying the company’s shares as the shares are up by an approximate 8,000% The new chief executive would be managing brand and sales of Diedrich through developing new products, appointing new wholesalers and retailers and promoting the rapid growth in K-Cups.