JDE Peet’s interim CEO steps down

Leading pure-play coffee and tea company JDE Peet’s has on Monday said its interim chief executive and chairman of the board Luc Vandevelde will step down, effective immediately, due to “unforeseen matters that require his immediate attention”.

Peter Harf, managing partner and chairman of JAB Holding Company, JDE Peet’s parent, will assume the role of interim chairman of the board, with Scott Gray, currently chief financial officer of JDE Peet’s, taking over the additional role of interim chief executive.

Harf has served as non-executive director at the JDE Peet’s board since its inception.

Meanwhile, Vandevelde, former chief executive of Marks and Spencer Group, will join JAB as a senior advisor focused on the FMCG sector. Vandevelde was appointed as JDE Peet’s interim chief executive on 1 April, with the company initiating a search process for a permanent chief executive.

JDE Peet’s said the search process, evaluating both internal and external candidates, is nearing completion, and it expects to provide an update to the market later this year.

“On behalf of the board, I want to thank Luc for his tenure with JDE Peet’s, from lead independent director at the time of our listing to chairman and interim CEO. Although he can no longer dedicate the time necessary for an executive role at JDE Peet’s, we are pleased that Luc will advise JAB on its FMCG investments with the time he does have available,” said Harf.

“JAB has strong conviction in the long-term growth prospects of JDE Peet’s, and we are fully committed to our investment in the world’s leading pure-play coffee and tea company.”