#USA #New York #GPK #Eminence Capital #CEO Mike Doss

Eminence Capital Urges GPK Board to Reinstate CEO Mike Doss

Eminence Capital, LP, a private investment firm holding around 4.2% of Graphic Packaging Holding Company (GPK), has raised concerns about the recent decision by GPK's Board of Directors to replace long-term CEO Mike Doss with Robbert Reitbroek. In a letter sent on December 15, 2025, Eminence criticized the board's actions as rushed and misguided, expressing its disappointment in the apparent lack of due diligence in the replacement.

Eminence Capital's CEO Ricky Sandler highlighted Mike Doss's significant contributions to the company, stating, "Mike transformed GPK into a leading entity within the industry. The board's decision to replace him with someone who has not only been terminated from their last CEO position just weeks prior, but who also left a trail of investor dissatisfaction, reflects poor judgment."

Sandler pointed out that Reitbroek's previous tenure as a public company CEO was disastrous, marked by multiple class action complaints against him after his abrupt exit following management failures. He argued that handing over the reins of GPK to someone with such a troubling history during a critical transition period is a grave mistake.

Eminence's letter also expressed concerns over Chairman Phil Martens' influence over the board, suggesting that his diminished shareholding—reduced by 70% in recent months—questions his commitment to the company's best interests. Sandler noted, "Martens holds an outsized influence as Chairman and head of the governance committee despite owning minimal shares in comparison to his peers. This brings his motivations into question."

Sandler’s letter documented various concerns about board governance, urging fellow shareholders who share these worries to voice their opinions. He stated that the board's actions not only jeopardize company stability but could also lead to further executive departures, thereby endangering shareholder value.

Eminence Capital's criticism extends to the entire board's handling of the CEO transition process, characterized as lacking in reasonable strategy. In their demand, they referenced Section 220 of the Delaware General Corporation Law to inspect the board's deliberations related to Doss's termination.

Sandler further argued that Mike Doss is a high-integrity executive respected across the industry for his leadership and the cultural fabric he fostered within GPK. "We have serious reservations about the direction the board is taking by pursuing a change in leadership under such dubious circumstances. It's critical that Doss be reinstated to maintain operational integrity during this crucial phase for GPK."

As a next step, Eminence Capital is pursuing a meeting with GPK directors. Should their requests continue to go unaddressed, they will consider a public campaign to hold the board accountable for their decisions, reaffirming that the interests of the shareholders must be preserved. Eminence's deep-rooted investment philosophy emphasizes responsible governance and the commitment to supporting leadership that can navigate complex challenges.

In conclusion, Eminence Capital's letter underscores a significant critical stance against GPK’s Board of Directors, calling for immediate action to rectify what they term an avoidable governance situation impacting shareholder confidence and company performance. The firm stands firm in its resolve to protect its investment and the interests of fellow shareholders against what it views as a misguided leadership change at GPK.