JDE Peet’s, the group behind Douwe Egberts and L’Or, has appointed Rafael 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”
Oliveira will start at the world’s largest coffee and tea company on 1 November 2024. He previously spent ten years at Kraft Heinz, where his responsibilities included growth and innovation. Chairman Peter Harf expressed confidence in Oliveira’s ability to deliver on strategic priorities and create value for all stakeholders.
In March this year, JDE fired Peet’s CEO Fabien Simon after its net profit had plummeted and revenue growth also stalled. The search for a successor has taken until now, with two interim CEOs as inbetweens.
Belgian Luc Vandevelde (former Carrefour and Marks & Spencer) took the helm until August, when “unforeseen circumstances required his immediate attention“. Scott Gray is the current interim CEO and will 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 immediately redistributing about half of the former Mondelez shares to some seventy 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.
