PARIS, July 24 (Reuters) - Remy Cointreau said it had started looking for a new chief executive, who it wanted to have a “good knowledge” of the spirits sector and/or a “recognised expertise” in luxury in order to continue a strategy focused on high-end brands.
“Contacts are under way, but the board will make a decision after a selection process, which it wishes to be quick,” board member Bruno Pavlovsky told the annual shareholders meeting on Wednesday.
Pavlovsky sits on Remy Cointreau’s ‘Nomination and Remuneration Committee’, which is conducting the search.
Earlier this month Remy said Chief Executive Valerie Chapoulaud-Floquet, the architect of its push towards higher-priced spirits to drive up profit margins, will step down by the end of 2019 for personal reasons.
The group’s share price has more than doubled since Chapoulaud-Floquet, a luxury sector specialist, took over in September 2014 with a strategy focused on selling spirits priced at $50 or more a bottle.
Chairman Marc Heriard-Dubreuil told shareholders he regretted her departure and thanked her for “the extraordinary” work she and her teams had done. This was met by strong applause by the Remy shareholders. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)