## Eminence Capital Slams Graphic Packaging Board Over “Misleading” CEO Ouster, Cites Doss’s Strategic Acumen
**New York, Dec. 22, 2025** – In a sharply worded open letter to shareholders of Graphic Packaging Holding Company (NYSE: GPK), Eminence Capital, LP, a significant shareholder holding approximately 4.2% of the company, has strongly criticized the board’s recent decision to replace CEO Mike Doss with Robbert Rietbroek. Eminence alleges the board’s justification for the leadership change is “factually inaccurate and misleading,” characterizing it as a “disingenuous, wholly inadequate attempt to legitimize a rushed and fundamentally flawed leadership transition process.”
Eminence contends that Doss, prior to his abrupt dismissal, had strategically positioned GPK for unprecedented success. The investment firm asserts that the board is unfairly scapegoating Doss for industry-wide challenges, particularly the recent stock price decline. According to Eminence, this decline is a direct consequence of industry oversupply and macroeconomic headwinds, not a reflection of Doss’s execution or strategic direction.
A critical point raised by Eminence is the apparent lack of packaging industry experience among GPK’s board members, with the exception of Doss himself. This, Eminence argues, renders the board ill-equipped to understand the industry dynamics that have impacted the company’s share performance. The firm highlights that as recently as November 2025, an investor presentation indicated GPK was well-positioned to achieve its “Vision 2030 goals” and generate substantial free cash flow, a sentiment that starkly contrasts with the board’s current narrative.
Eminence details Doss’s contributions, including the development of a cost-effective manufacturing footprint, the strategic divestiture of the Augusta mill, and key acquisitions like AR Packaging to bolster European operations and expand vertical integration in the U.S. These initiatives, Eminence posits, have created a robust competitive advantage for GPK. The firm projects over $2.25 in free cash flow per share in 2026, even at the cycle’s trough, while competitors like Clearwater Paper are struggling with cash burn, Smurfit WestRock faces challenges in its acquired consumer business, and Sappi has had to suspend its dividend and received a leverage warning.
The investment firm questions the board’s timing and rationale, pointing out that Chairman Phil Martens did not mention the stock price decline as a factor in their December 12th discussion with Doss. Eminence questions when the board began to consider “decisive actions” and how a thorough CEO search, typically a lengthy process, could have been completed so rapidly if the stock’s performance only became a critical issue in late October. This suggests, to Eminence, a predetermined outcome and a rushed process lacking sufficient rigor. To that end, Eminence has initiated a Section 220 demand for company records to scrutinize the board’s decision-making process.
Furthermore, Eminence directly refutes the board’s claims regarding the performance of new CEO Robbert Rietbroek at his previous roles. The board cited Rietbroek’s tenure at Quaker Foods North America (a sector of PepsiCo) as a period of “significant volume and revenue growth.” However, Eminence’s analysis of PepsiCo filings indicates a notable decline in volume during Rietbroek’s five-year leadership. They also note that shortly after Rietbroek departed Quaker for Primo Water, Quaker experienced its largest product recall in history, impacting the segment’s financial results significantly in the subsequent year.
The investment firm also challenges the board’s portrayal of Rietbroek’s time at Primo Water. The board asserted that under his leadership, the company grew “volume, market share and earnings, improved EBITDA margins and earned recognition as one of America’s Greenest Companies.” Eminence counters that this growth was primarily driven by a significant acquisition, which they describe as an “unmitigated disaster.” This acquisition, they claim, led to a more than 50% stock price drop for Primo Water (PRMB), multiple class-action lawsuits, and ultimately, Rietbroek’s termination from the company.
Eminence concludes that there is a clear pattern of Rietbroek leaving his employers in a diminished state. The firm expresses disappointment that the board appears unwilling to acknowledge their “critical mistake” and instead resorts to “disingenuous and misleading statements.”
Based on extensive conversations with shareholders, former employees, board members, and industry constituents, Eminence states that there is overwhelming consensus that replacing Doss with Rietbroek is the wrong decision. They also understand that senior leadership within GPK has voiced significant concerns about this transition. Eminence believes only the “weak, misguided and poorly-advised Board” supports this change.
With the board members (excluding Doss) collectively owning less than 500,000 shares, Eminence questions their alignment with shareholder interests, especially given the disruptive C-suite changes that could negatively impact the company’s future. Eminence urges all shareholders to demand the immediate reinstatement of Mike Doss as CEO to prevent further damage to Graphic Packaging.
**About Eminence Capital, LP**
Founded in 1999, Eminence Capital, LP is a global asset management firm managing approximately $7.4 billion. The firm focuses on identifying “quality value” investment opportunities through in-depth fundamental research.
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