Eminence Urges GPK Board To Reinstate CEO Mike Doss, Flags Governance Concerns

(RTTNews) - Eminence Capital said it has sent a letter to the board of Graphic Packaging Holding Company (GPK) seeking the immediate reinstatement of former chief executive Mike Doss, following what it described as a rushed and poorly handled leadership change.

The investment firm, which holds about 4.2 percent of GPK, said the board's decision to replace Doss with Robbert Reitbroek lacked justification and adequate diligence. Eminence raised concerns about Reitbroek's track record, noting that his only prior tenure as a public company CEO ended recently amid operational issues and legal action.

Eminence made the letter public after the board failed to engage with the firm, arguing that time is running out to reverse the decision. The firm said Doss had been central to GPK's transformation into a leading player in consumer packaging and warned that removing him during a complex operational phase posed unnecessary risk.

The letter also criticised the broader governance process, pointing to the recent departure of a long-serving chief financial officer and the absence of any meaningful transition period between the outgoing and incoming CEOs. Eminence said these developments reflect a deeper failure of oversight at the board level.

Eminence further questioned the influence of board chairman Philip Martens, citing his limited shareholding, recent stock sales, and dual role as chair of the board and head of the nomination and governance committee. The firm said these factors raise concerns about alignment with shareholder interests and warned of potential further senior management departures.

In addition, Eminence said it has filed a formal demand under Delaware law to inspect company records related to the CEO transition. The firm said it believes the circumstances warrant closer scrutiny of the board's actions, including whether fiduciary duties were breached.

Eminence called on the board to reinstate Doss and urged Martens to step down, stating that it is prepared to pursue further action if the board does not reverse course.

GPK closed at $15.43, down 0.64%, and is trading pre-market at $15.25, lower by 1.13%, on the NYSE.