The chairman of the parent company of Pier Coffee and CEO both left.

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Last Friday, JDE Peet's, the parent company of Piay Coffee, one of the world's largest coffee groups, suddenly saw a personnel change at the top.

According to Yahoo News reported on March 9, JDE Peet's Group headquarters announced the leadership transition plan on March 8, Dutch time.

Under the arrangement, Luc Vandevelde, a 73-year-old Belgian, will be appointed interim chief executive for a term effective April 1, 2024. Vandevelde will also become chairman of JDE Peet's after the annual shareholder meeting on May 25. Under his leadership, the company will start the process of finding a formal chief executive, including evaluating internal and external candidates.

JDE Peet's brands

It is reported that JDE Peet's is a multinational enterprise with more than 50 brands such as Peet's Coffee (Piye Coffee), Moccona (Mocona) and L'OR. In its most recent fiscal year, the group had total revenue of 8.2 billion euros (64.3 billion yuan), an organic growth of 3.9%, of which sales in the Chinese market grew by more than 19%. According to narrow door Eye data, Peet's Coffee has 221 stores in China, covering 21 cities in 12 provinces.

The reshuffle means that the group will "wash away" two senior executives, Olivier Goudet, the current chairman, and Fabien Simon, the current chief executive. Among them, the current CEO Fabien Simon has been at the helm since the company IPO, and has repeatedly talked about strengthening the business of coffee products and stores in the Chinese market. Olivier, the current chairman, is a staunch supporter of him, once pointed out: "No one knows this business better than Simon."

JDE Peet's has been the chief independent director of JDE Peet's since its listing and praised his extensive experience both within the company and in the retail and FMCG sectors, the company's headquarters said in a press release. In addition, he has served as chairman of Carrefour, chairman and CEO of M & S Group, and senior independent director of Vodafone Group. He spent the first 24 years of his career at Kraft Foods and eventually became CEO of Kraft Jacobs Suchard's French and Italian operations.

Joachim Creus, a major shareholder in JDE Peet's and chief executive of JAB Holdings, a well-known European investment company, said that Vandevelde is an experienced executive who knows JDE Peet's and coffee very well and is confident that he can fully demonstrate shareholder value and lead the company to find a formal chief executive.

Fabien Simon, who has been chief executive and executive director since September 2020, is scheduled to leave the company on April 1. JDE Peet's has not made public the reasons for his departure. However, JDE Peet's 's board of directors also thanked him for transforming the company into a giant with global coffee and tea brands while dealing with the complexity of the epidemic and high inflation, with brand, talent and sustainability at the core.

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