11/20/2012 09:04 EST | Updated 01/20/2013 05:12 EST

Green Mountain Coffee names Coke exec Brian Kelley as CEO amid company's slowing growth

WATERBURY, Vt. - Green Mountain Coffee Roasters Inc. names Coca-Cola executive Brian Kelley as its new CEO amid the coffee company's expectation for slowing sales growth.

Kelley, 51, will also become president and join the coffee company's board, effective Dec. 3, the Waterbury, Vt., company said Tuesday.

The stock is up 12 per cent in premarket trading.

Its current CEO, Lawrence Blanford, had said in February that he planned to retire.

Green Mountain Coffee pioneered single-serve coffee in the U.S. with its Keurig machines and grew quickly on their popularity. But the company has struggled, with shares down 39 per cent this year, as patents on technology for its K-Cups expired and competitors released their own single-serve coffee makers.