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Shareholders oust Strauss Coffee CEO
Last Updated: 2014-01-05 23:38 | Global Times
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A general shareholders' meeting has approved the termination of Todd Morgan's employment as chief executive of Strauss Coffee, parent company Strauss Group said on Sunday.

This follows a Dutch court decision allowing Strauss Coffee to go ahead with the replacement of Morgan, who will complete his duties immediately, Strauss Group, Israel's second-largest food and beverage company, said in a statement.

Tomer Harpaz, executive vice president for business development, strategy and technologies in Strauss Group, will serve as interim manager of Strauss Coffee. Harpaz served as a director in the coffee company for the past 3.5 years.

In parallel, Strauss Coffee's board will begin a process to search for the next CEO.

Last month a specialized Dutch court dismissed a suit brought by private equity firm TPG against Strauss Coffee, a Dutch-registered company.

TPG had asked the Dutch court to order an inquiry into the affairs of Strauss Coffee, in which it holds a 25 percent stake, claiming Strauss Group had abused its rights in the company. The request came after TPG had been looking to sell the stake, for which it paid $293 million in 2008.

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