Pringuet to step down from Pernod Ricard board
Pernod Ricard’s former CEO, Pierre Pringuet, is to resign from the French drinks giant’s board of directors at its next annual general meeting on 8 November.
Pringuet joined Pernod in 1987, becoming joint-CEO with Richard Burrows in 2000 and group CEO in 2008. He was succeeded by Alexandre Ricard in 2015.
In 2005 he successfully led the acquisition and integration of Allied Domecq, doing the same for Vin&Spirit and its hero brand, Absolut Vodka, in 2008.
He has volunteered to resign from Pernod Ricard on 8 November alongside academic Martina Gonzalez-Gallarza, who joined the board in 2012, while independent director Nicole Bouton has elected not to stand for reappointment.
Aerospace technology executive Philippe Petitcolin and consumer goods executive Esther Berrozpe Galindo have been appointed to Pernod Ricard’s board – a move that will be submitted for shareholder approval at the AGM.
“For me, Pierre Pringuet will always be a brilliant and visionary mentor. There is no question that the group would not have become this French leader without his boldness and his exceptional work capacity. Pernod is, and will forever be, grateful to him,” said Pernod’s CEO Alexandre Ricard.
“For seven years Martina has provided our company her specialist knowledge of consumers, who have been placed at the centre of our business model.
“Lastly, I would like to commend the work of Nicole, who has played a pivotal role in the ongoing process to extend the board’s competencies,” he added.
The board reshuffle follows the acquisition of a 2.5% stake in Pernod Ricard by US-headquartered hedge fund Elliott Management Corporation last year, which accused the drinks giant of “inadequate” corporate governance.
In recent years Pernod has been looking to increase the diversity, independence and the international and female representation of its board of directors.
Just last week Pernod announced plans to acquire US spirits maker Castle Brands for approximately US$233m and build China’s first malt whisky distillery.
As part of the Castle Brands deal, Pernod will add drinks brands including Jefferson’s Bourbon, Goslings rum, Brady’s Irish Cream, The Arran single malt Scotch and Clontarf Irish whiskey to its portfolio.
Pringuet is a knight of the National Order of Merit, officer of the Legion of Honour and commander of Order of Agricultural Merit.