Rémy CEO resigns after three months3rd January, 2014 by Gabriel Savage
Rémy Cointreau has announced the resignation of CEO Frédéric Pflanz just three months after he stepped into the role.
The decision, which was made “for personal reasons”, will see Pflanz remain with the group as development director, allowing him to retain responsibility for “specific assignments that he has already initiated.”
Until a replacement is found the role of CEO will be taken on by Rémy Cointreau chairman François Hériard Dubrueil, who will be supported by the executive committee.
Prior to taking on the post of CEO, Pflanz had spent more than three years with the group as CFO, adding the role of COO to his responsibilities at the end of 2012.
This stumbling block for the group, whose brand portfolio includes Rémy Martin, Cointreau, Metaxa, Mount Gay and Bruichladdich, comes just over a month after it reported a 6.3% sales decline for the first half of 2013. The same period saw net profits fall by 20%, which the group attributed to a Chinese slowdown in sales of luxury goods.