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Company News

UPDATE 1-Coffee group JDE Peet's names Fabien Simon as CEO

(Adds detail, company confirmation)

AMSTERDAM, Sept 4 (Reuters) - Coffee company JDE Peet’s NV has named Fabien Simon as its new chief executive, replacing Casey Keller, the company said on Friday.

Simon, a director at JDE Peet’s since the company’s Amsterdam listing in May, has previously served as finance chief at Jacobs Douwe Egberts and oversaw its merger and acquisition strategy.

Keller is an American who had previously led Peet’s Coffee. His plans to move to Amsterdam with his family to lead the combined company, created with the merger of JDE and Peet’s by majority owner JAB Holding last December, were disrupted by the coronavirus pandemic.

“No one knows this business better than Fabien,” Chairman Olivier Goudet said in a statement.

“Not only did Fabien lead the successful IPO of JDE Peet’s, he oversaw the very creation of JDE and its transformation into a global coffee & tea powerhouse.”

A statement from Simon said that he hoped to lead the company, which owns brands such as Pickwick, Senseo, Tassimo, TiOra and L’OR, “into its next phase of growth, building on our unique portfolio of brands”.

The company’s listing on Euronext took place while many businesses were shutting down because of the COVID-19 pandemic. The IPO valued the company at 15.6 billion euros and raised 2.58 million euros.

Its shares, which were priced at 31.50 euros for the IPO, closed at 36.40 euros on Thursday.

JDE Peet’s last month reported a 10.5% rise in first-half core operating profit to 642 million euros ($760.2 million). ($1 = 0.8445 euros) (Reporting by Toby Sterling Editing by David Goodman)

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