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JDE Peet's appoints Luc Vandevelde as interim CEO

Reuters
·1-min read
FILE PHOTO: L'or and Douwe Egberts coffee packets are seen at a Carrefour supermarket in Brussels

(Reuters) - JDE Peet's, the owner of coffee brands such as Douwe Egberts and L'Or, announced on Friday the appointment of Luc Vandevelde as its interim chief executive, starting on April 1.

Vandevelde, a former chairman and CEO of Marks and Spencer Group and former chairman of Carrefour, has served as JDE Peet's lead independent director since the listing of the coffee and tea company in May 2020.

"Luc is a seasoned executive who knows JDE Peet's and the coffee category intimately, and we are confident in his ability to unlock shareholder value while leading the search for a permanent CEO," said Joachim Creus, CEO of JAB Holding Co, in a statement.

JAB Holding has a majority stake in JDE Peet's.

Fabien Simon, JDE Peet's CEO and executive director since 2020, will leave the company on April 1.

(Reporting by Stéphanie Hamel; Editing by Leslie Adler)