FRANCE: Belvedere CEO stands down as group mulls brand sales
The CEO of Belvedere handed in his notice last week
Jacques Rouvroy has called time on his leadership of Belvedere, with MD Krzysztof Trylinski set to replace him.
The troubled French company, which is battling to stay afloat despite healthy sales, confirmed late yesterday (10 October) that Rouvroy has resigned as chairman & CEO for “personal reasons”. Rouvroy, who founded Belvedere along with Trylinski in 1991, handed in his notice at a board meeting last week.
Trylinski will move up to replace Rouvroy, while Erick Antony Skora will be nominated as deputy MD at an ordinary and extraordinary general meeting planned for 31 October.
“My first act as CEO is toward our creditors, who I solemnly invite to the negotiating table for the benefit and safety of the company and employees,” said Trylinski yesterday. “My priority objective is to clear the debts of Belvedere. This will be made possible very quickly by the sale of two brands.” Trylinski did not elaborate on which brands he was referring to.
“With a debt of EUR500m (US$677m), we have a portfolio of brands which is valued at EUR1bn minimum. I ask our creditors, first of all Oaktree Capital Management – owner of our competitor in Poland (Stock Spirits) – to negotiate an honourable exit from this crisis which we are exposed to with our employees since 2008.”
Last month, Belvedere was “placed under the protection of French commercial court”, the company confirmed yesterday.
Belvedere has declined to say whether its Sobieski vodka is among its brands up for sale, following a report that the group has received interest in its star product....
French drinks group Belvédère has reported a 2011 turnover of EUR910.7m (US$1.2bn), an increase of 5.8% on the previous year....
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