GPK Stock Slides Amid Shareholder Revolt Over CEO Swap—Eminence Demands Board Reckoning on Governance Failures

Graphic Packaging’s leadership drama is intensifying. Holding a significant 4.2% stake in the packaging company, Eminence Capital has escalated its challenge to the board’s controversial decision to replace CEO Mike Doss with Robbert Reitbroek, accusing the board of bungling a critical transition and mishandling corporate governance at a crucial moment.

The investment firm went public with its criticism after the board stonewalled engagement attempts, signaling that institutional shareholders are growing impatient with what they view as hasty decision-making. Eminence’s core argument: Doss was instrumental in transforming GPK into a packaging industry heavyweight, and yanking him out mid-transformation creates unnecessary operational risk.

The Case Against the New Leadership Path

Eminence’s letter zeroes in on Reitbroek’s weak resume for a role of this magnitude. His previous stint as CEO of a public company wrapped up recently—and not cleanly, marred by operational stumbles and legal troubles. That track record raised red flags about whether he’s equipped to handle GPK’s complex current challenges.

Beyond the new CEO’s credentials, Eminence took aim at the broader board dysfunction. A veteran CFO recently departed, and the transition between the old and new leadership lacked any structured handoff period. These aren’t isolated hiccups; they point to a systemic failure in board-level oversight.

The Philip Martens Question

The investment firm also questioned board chair Philip Martens’ influence and alignment with shareholder interests. Despite his dual role leading both the board and the nomination and governance committee, Martens holds minimal personal stock and has been actively selling shares. That combination raises legitimate questions about whether he’s truly motivated to act in shareholders’ favor or if there’s misalignment on critical decisions.

Next Moves: Legal Pressure and Market Reaction

Eminence isn’t just complaining—the firm filed a formal inspection demand under Delaware corporate law to access records related to the CEO transition, a move that suggests potential legal challenges ahead if the board doesn’t reverse course. The firm has explicitly called for Doss’s reinstatement and demanded Martens step aside, with clear intent to pursue further action if the board remains unmoved.

The market reflects the turbulence. GPK closed the session at $15.43, down 0.64%, and slipped further in pre-market trading to $15.25, reflecting a 1.13% decline. The shareholder pressure, combined with visible governance cracks, is taking a toll on investor confidence.

This episode illustrates a recurring tension in corporate America: boards that move too fast on leadership changes without proper vetting can trigger shareholder revolts and expose deeper governance fragilities—exactly what’s unfolding at Graphic Packaging right now.