Eminence Capital seeks reinstatement of ousted Graphic Packaging CEO

Eminence Capital, which owns approximately 4.2% of Graphic Packaging Holding Company (NYSE: GPK), sent a public letter to the company's board demanding the immediate reinstatement of former CEO Mike Doss and the resignation of Chairman Philip Martens.

The investment firm criticized the board's decision to replace Doss with Robbert Reitbroek, stating the transition was rushed and lacked proper due diligence. Eminence noted that Reitbroek was terminated from his previous CEO position at Primo Brands just weeks before his appointment to GPK.

"GPK's Board has made a critical error in unjustifiably removing Mike Doss, a high-integrity, respected leader who transformed the Company into an industry powerhouse," said Ricky Sandler, Eminence's CEO and Chief Investment Officer.

Eminence, which has held GPK shares for five years and manages approximately $7.4 billion in assets, expressed particular concern about Chairman Martens' influence over the board. The firm noted that Martens reduced his shareholding by 70% in August, shortly before a board member's resignation and the departures of the CFO and CEO.

The investment firm submitted a demand under Delaware law to inspect GPK's books and records related to the CEO transition process. Eminence stated it would evaluate all options to ensure the board protects shareholder value, including potentially launching a public campaign against current directors.

In its December 15 letter, Eminence requested a meeting with GPK directors excluding Martens, setting a December 18 deadline for response before commencing public action.

The firm described Doss as having successfully transformed GPK from a commodity supplier into a vertically integrated packaging company serving major consumer goods companies. Eminence questioned the timing of the leadership change during what it characterized as a critical period with the scaling of a new Waco mill and closure of three facilities.

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