JDE Peet’s has decided to replace its CEO, Fabien Simon. Former Carrefour and Marks & Spencer CEO Luc Vandevelde takes over temporarily and will help the coffee giant search for a definitive new Chief Executive.
No success
The patience of JDE Peet’s shareholders has run out: despite a strong second half of the year, the company’s net profit halved in 2023. Moreover, the group above L’Or and Douwe Egberts is only counting on modest organic sales growth of around 3 % for this year as well.
The IPO JDE Peet’s completed in 2020 has not been a success either: the coffee giant keeps on losing value. First the Covid-19 pandemic caused problems, then the war in Ukraine threw a spanner in the works. Not only did the company lose the Russian market, JDE Peet’s also had to write off 185 million euros.
Vandevelde will lead the search for a new permanent CEO, in which both internal and external candidates are considered. After the general meeting on 25 May, Vandevelde will also become chairman of the board of directors. The Belgian national has been active at JDE Peet’s since the IPO, as Lead Independent Director. He brings with him a wealth of experience in retail and food, having spent the 24 first years of his career at Kraft Foods before moving on to Carrefour and Marks & Spencer.
