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Remy Cointreau CEO to leave job after high-end spirits push
[GENEVA] Remy Cointreau SA said Chief Executive Officer Valerie Chapoulaud-Floquet will step down by the end of the year for personal reasons.
Ms Chapoulaud-Floquet's strategy in focusing on higher-end spirits has led Remy's share price to double since the former L'Oreal SA executive became CEO in 2014.
The spirits maker said it regrets Ms Chapoulaud-Floquet's departure without saying why she is leaving. The CEO will continue her job until the arrival of a successor. The stock fell as much as 1.5% Tuesday morning in Paris.
During the CEO's tenure, Remy Cointreau introduced products such as Louis XIII for as much as US$80,000 a bottle, seeking to tap demand from Chinese billionaires. Chapoulaud-Floquet also shifted the company away from low-end brands such as Passoa passion-fruit liqueur and ended less profitable distribution contracts.
While mostly focusing on organic growth, the CEO also extended the company's roster of brands by acquiring Westland American whiskey and Distillerie des Hautes Glaces in the French Alps.
"It is with great emotion that I will leave the Remy Cointreau Group at the end of the year, once the torch passed to my successor," the CEO said in the statement. "I am serene, as the group's results, foundations, teams and strategic vision allow it to envisage the future with optimism, ambition and success."
Last month the spirits maker reported it reached its target for profitability one year early as it concentrates on selling beverages that retail for more than US$50 a bottle.