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Rémy CEO Frédéric Pflanz resigns

Rémy Cointreau’s CEO Frédéric Pflanz has resigned “for personal reasons” just three months after taking up the post in October 2013. During his three years with the company he has also assumed the roles of COO and CFO.

The board of directors has thanked Pflanz for his contribution to the group’s sound financial achievements over the past four years. Pflanz will remain in the group as development director with responsibility for specific assignments that he has already initiated. As a transitional measure, group chairman, François Hériard Dubreuil, will assume the responsibilities of CEO.

News reports have indicated that Rémy’s shares have slumped about 25% in the past three months as investors become increasingly wary of the sales outlook in China, until recently a huge growth market. Like many producers of luxury items, Rémy, whose brand portfolio includes Rémy Martin, Cointreau, Metaxa, Mount Gay and Bruichladdich, has been affected by the Chinese government’s decision a year ago to crack down on conspicuous spending by officials.

3 January 2014 - Felicity Murray The Drinks Report, editor