Graphic Packaging Holding (GPK) investor Eminence Capital said late Monday it sent an open letter to fellow Graphic Packaging shareholders demanding for the reinstatement of Mike Doss as chief executive.
The shareholder said Graphic Packaging board's recent letter to justify the replacement of Doss with Robbert Rietbroek as CEO was "factually inaccurate and misleading."
"Eminence finds the board's December 19 letter to be a disingenuous, wholly inadequate attempt to legitimize a rushed and fundamentally flawed leadership transition process that replaced the CEO whose strategic decisions left GPK better positioned than ever," Eminence said late Monday.
The shareholder said the Graphic Packaging board was using Doss as "a scapegoat."
"Eminence asserts that Robbert Rietbroek has a pattern of leaving his employers in a worse place than when he inherited them and whose sole experience as a public company CEO was marred by failure," Eminence wrote.
Graphic Packaging referred to its Dec. 19 press release in response to MT Newswires' request for comment on Tuesday. The company said at the time that Rietbroek will assume the CEO role Jan. 1.