When your CEO admits you’ve screwed up royally, you know it’s a big deal. Keurig, one of the most popular companies to invest in in 2013 and 2014, has been suffering from plummeting sales and stocks in 2015. Stocks have dropped 10 percent, while sales are down 23 percent. According to CNN Money, investors are fleeing the stock in droves. That likely has quite a bit to do with the introduction of the Keurig 2.0 system, which has coffee lovers shaking their heads because it’s only compatible with Keurig cups. It also doesn’t help that the inventor of those coffee pods regrets that he ever invented them.
The poorly thought-out feature has affected sales so much that CEO Brian Kelley has admitted that the company made a serious mistake.
"Quite honestly, we were wrong. We underestimated the passion the consumer had for this," Kelley told analysts on a conference call.
But the good news is that the company is going to amend its error and bring back the much-missed K-cup accessory feature, which will allow customers to brew virtually any brand of coffee. Keurig will also be releasing a cold brew system in the fall, called Keurig KOLD.