September 11, 2019 / 1:55 PM / 7 days ago

Remy Cointreau picks Richemont's Vallat as new CEO

FILE PHOTO: The logo of Remy Cointreau SA is pictured in the Cointreau distillery, where the the orange-flavoured triple sec liqueur is produced, in Saint-Barthelemy-d'Anjou near Angers, France, February 8, 2019. REUTERS/Stephane Mahe

PARIS (Reuters) - French spirits group Remy Cointreau (RCOP.PA) said on Wednesday it had picked Richemont’s (CFR.S) Eric Vallat as its new chief executive officer.

Vallat, who used to work at the French cognac maker, will replace on Dec.1 Chief Executive Valerie Chapoulaud-Floquet, confirming a Bloomberg report.

She had said in early July that she will step down by the end of 2019 for personal reasons.

“We are convinced that his expertise and charisma will enable him to pursue, develop and spearhead the value strategy that will lead Remy Cointreau on to further successes and help the group achieve its ambition of becoming the leader in exceptional spirits,” Marc Hériard-Dubreuil, Remy Cointreau’s Chairman, said in a statement.

Remy Cointreau’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.

Richemont said earlier this week that Vallat would leave the owner of the Cartier and Montblanc brands in October after little more than a year as chief of fashion and accessories..

Vallat began his career in investment banking before joining luxury brand Louis Vuitton (LVMH.PA). He headed Remy Martin’s cognac division from 2014 until he left for Richemont in 2018.

Reporting by Dominique Vidalon; Editing by Leigh Thomas

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