JAB Holdings has announced Peter Harf is stepping down as Chairman and Managing Partner of the global consumer goods giant following four decades with the company.
JDE Peet’s falls under the JAB banner, while the company is also a significant shareholder in Keurig Dr Pepper, which owns a string of established coffee brands.
Harf will remain fully invested in the firm and will continue to serve as Chairman of the Board and Managing Director of Alfred Landecker Foundation.
“I would like to express my gratitude to the Reimann family who, more than 40 years ago, entrusted me to embark on the journey of a lifetime,” Harf says.
“It’s now time to pass the baton to a new generation of leadership. I would also like to thank my partners, the entire JAB team, and the amazing associates behind our iconic brands. It has been a distinct privilege to build and lead this incredible organisation, and I am confident JAB has a bright future.”
Managing Partners Joachim Creus and Frank Engelen will continue to lead JAB as Co-CEOs. Creus will assume the role of Chairman with Engelen stepping into the role of Vice Chairman.
A spokesperson for the Reimann family paid tribute to the legacy Harf has built since joining the company in 1981.
“Peter is the visionary founder of JAB,” the spokesperson says. “He transformed Benckiser, a medium-size chemical and industrial manufacturing company based in Germany, into a leading global investment firm worth more than $40 billion in managed capital and a sprawling portfolio of world-class consumer brands.
“On behalf of the family I would like to thank Peter for his decades of friendship, remarkable leadership, and value creation.”
Coffee and Beverages is one of the five key investment platforms of JAB since Harf introduced a strategy to consolidate the Reimann family’s business assets in 2012.
Its other investment platforms include Fast Casual Restaurants, Indulgence, Pet Care, and Pet Insurance.
