(Bloomberg) -- The interim chief executive officer of JDE Peet’s NV has stepped down less than five months into the job, the latest bout of management upheaval at the Dutch coffee maker.
Luc Vandevelde, 73, also resigned as chairman, due “to unforeseen matters that require his immediate attention,” the company said in a statement. JDE Peet’s appointed its Chief Financial Officer Scott Gray as interim CEO.
It’s the latest shakeup at the empire of JAB Holding, JDE Peet’s controlling shareholder which has also backed US beauty company Coty and Keurig Dr Pepper Inc. JAB, which manages the billionaire Reimann family’s money, has overseen boardroom changes this year at the UK’s Pret A Manger cafe chain and replaced its own CEO last year.
JDE Peet’s shares fell as much as 1.7% in early Amsterdam trading before paring losses slightly, having lost 15% of their value through Friday.
The stock has struggled since its 2020 listing as the world’s largest maker of only coffee and tea deals with rising costs and inflation.
Still, the results under Vandevelde’s leadership were “encouraging” since his start in April, Jefferies wrote in a note to clients. The “unexpected departure in the middle of a new CEO search is a setback to consistency,” analyst Feng Zhang said.
The search for a permanent CEO began in April and is almost complete, a spokesperson said in an email, adding that the reasons for Vandevelde’s departure were not related to the company or its performance.
Peter Harf, the chairman of JAB, will become interim chairman of the Jacobs maker.
The spokesperson said Monday that the company remains committed to the raised annual guidance provided in July, when it said organic sales will increase at the higher end of its range of 3% to 5%.
Fabien Simon, who was CEO since 2020, was replaced by Vandevelde in April. Announcing the change in March, the company said it will look inside and outside the organization for a permanent successor.
--With assistance from Sarah Jacob.
(Updates with spokesperson comments in third and penultimate paragraphs, shares.)
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