FRANCE: Rémy Cointreau move hints at CEO succession plan - analyst
Rémy Cointreau will have a COO for the first time
Rémy Cointreau's appointment of CFO Frédéric Pflanz to take on the new additional role of COO suggests he is line take over from CEO Jean-Marie Laborde, according to an analyst.
Pflanz, 44, started in his new role on 1 December and is Remy's first COO, the company announced last week. He has been CFO since 2010 when he joined from beauty firm l'Oréal Group.
Sanford Bernstein analyst Jean-Marc Chow told just-drinks today the appointment should herald Pflanz's promotion to CEO if Laborde stands down next year, when he will be 65.
“The appointment of Frédéric Pflanz to COO is likely to arrange Jean-Marie Laborde’s succession as CEO in time," Chow said. "Pflanz has been CFO of Rémy Cointreau since 2010 and knows the company very well.”
Chow said Laborde's mandate as CEO expires in July when he reaches 65. He added: “It does not necessarily mean Pflanz will 100% become CEO but if he does well during the transition period, there is a good chance.”
In first-half results last month, Remy posted a big jump in net profits as Cognac sales in China continued to drive growth.
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