Coffee and tea company JDE Peet's said its interim CEO and chairman, Luc Vandevelde, had stepped down just four months after he was appointed.
It said chief financial officer Scott Gray would assume the additional role of interim CEO immediately. Peter Harf, non-executive director of the board, will become the interim chairman.
Upon his departure, Vandevelde will join JDE Peet's majority shareholder JAB Holdings as a senior advisor focused on the fast-moving consumer goods sector, the Dutch firm added in a statement.
Unexpected Change
The unexpected change comes as JDE Peet's nears the completion of its search for a permanent CEO started in April.
The maker of coffee brands Jacobs, L'Or, Tassimo and Douwe Egberts cited 'unforeseen matters that require his immediate attention' as the reason for Vandevelde's resignation.
'We cannot further elaborate on the unforeseen matters referred to in our press release,' JDE Peet's said when asked by Reuters to expand on them.
It did not comment on Vandevelde's impending role at JAB or its alignment with his departure from JDE Peet's.
'Management remains fully committed to the raised guidance provided during the company's H1 2024 earnings issued in July,' it added.
Market Reaction
ING analysts said in a research note that the reasons behind the resignation appeared somewhat inconsistent with the fact that Vandevelde will join JAB.
Jefferies analysts said in a note that Vandevelde's departure came as a surprise, given the positive direction and results the company had observed since his appointment.
'His exit in the midst of a new CEO search represents a setback to consistency,' Jefferies adds.
JDE Peet's, one of the world's largest coffee companies, in March announced the abrupt departure of CEO Fabien Simon as of 1 April, and his replacement by Vandevelde on an interim basis.
Vandevelde, a former chairman and CEO of Marks and Spencer and a former chairman of Carrefour, had served as a lead independent director at JDE Peet's since its listing in May 2020.
JDE Peet's is expected to provide a market update on its CEO search later this year.
