JDE Peet’s, the group behind Douwe Egberts, L’Or and more, has appointed Rafael (Rafa) Oliveira as its new chief executive officer. It marks the fourth CEO change at the company this year, while the shareholder’s structure is shaken up as well.
“Passion for innovation”
Rafa Oliveira will start at the world’s largest coffee and tea company on 1 November 2024. He previously spent 10 years at Kraft Heinz, where his responsibilities included growth and innovation as EVP and President of International Markets.
Peter Harf, chairman of JDE Peet’s Board of Directors, expressed confidence in Oliveira’s ability to deliver on strategic priorities and create value for all stakeholders. Harf highlighted Oliveira’s deep knowledge of global markets and his passion for innovation. Oliveira will operate from Amsterdam.
Two interims in between
In March this year, JDE fired Peet’s CEO Fabien Simon after net profit plummeted and revenue growth also stalled. The search for a successor has taken until now, but in the meantime, two different interim CEOs made their way through.
Belgian Luc Vandevelde (former Carrefour and Marks & Spencer) took the helm until August, when “unforeseen circumstances required his immediate attention“. Scott Gray is now interim CEO and will also work with Oliveira to ensure a smooth transition.
JAB snatches up JDE Peet’s
Apart from management, the coffee giant’s shareholdership is also changing: JAB, which previously held 59% of the shares, is buying out Mondelez for 2.2 billion euros. The biscuit manufacturer held a 17.6% stake in JDE Peet’s. The acquisition price is remarkably high relative to the share price, showing that the new main shareholder wants to boost the company’s valuation.
JAB is also immediately redistributing about half of the former Mondelez shares to some 70 institutional investors, who are gathered in a fund called JAB Consumer Partners. JDE Peet’s simultaneously confirmed to be on track to meet financial expectations for 2024.