JDE Peet’s has appointed former Marks and Spencer Group Chairman and CEO Luc Vandevelde as Interim CEO effective April 1 while it searches for a permanent replacement for outgoing CEO Fabien Simon.
“Luc is a seasoned executive who knows JDE Peet’s and the coffee category intimately, and we are confident in his ability to unlock shareholder value while leading the search for a permanent CEO,” says JAB Holding Group CEO Joachim Creus.
“JAB has strong conviction in the long-term growth prospects of JDE Peet’s and the resilience of the sector, and we are fully committed to our investment in the world’s leading pure-play coffee and tea company.”
Vandevelde will also become Chairman of the Board of JDE Peet’s after the next Annual General Meeting on 25 May. He will replace CEO Fabien Simon, who has served as CEO and Executive Director of JDE Peet’s since September 2020.
“It has been an honour to lead this amazing company,” says Simon. “Leveraging the company’s strengthened fundamentals, brands, innovations and first class teams in every corner of the world, I am confident that JDE Peet’s has a very bright future.”
JDE Peet’s Chairman Olivier Goudet says: “On behalf of the Board, I want to thank Fabien for leading JDE Peet’s, particularly through a period of macro disruption. While navigating COVID-19 and high inflation in a more complicated world, Fabien transformed the company into a global coffee and tea powerhouse with brands, talent, and sustainability at its core.
“Our leading portfolio of brands and products ideally position JDE Peet’s to gain global market share by meeting the diverse needs of our many customers and consumers. On behalf of the Board, we wish Fabien much success in his future endeavours.”
