JDE Peet’s appoints ex-M&S boss Luc Vandevelde as interim CEO

JDE Peet’s has on Friday announced that Luc Vandevelde has been appointed interim chief executive, effective 1 April.

Vandevelde will also become chairman of the board of JDE Peet’s after the next annual general meeting on 25 May.

Under Vandevelde’s leadership, the company will initiate a search process for a permanent chief executive.

Vandevelde, who has served as lead independent director of JDE Peet’s since its listing, has extensive experience within the company as well as in the retail and FMCG sectors.His previous roles include chairman of Carrefour, chairman and chief executive of Marks and Spencer Group plc, and senior independent director of Vodafone Group plc.

He spent the first 24 years of his career with Kraft Foods, ultimately becoming chief executive of Kraft Jacobs Suchard’s French and Italian operations.

“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, chief executive of JAB.

“JAB has strong conviction in the long-term growth prospects of JDE Peet’s and the resilience of the sector, and we are fully committed to our investment in the world’s leading pure-play coffee and tea company.”

Fabien Simon, who has served as chief executive and executive director of JDE Peet’s since September 2020, will depart the company on 1 April.

“On behalf of the board, I want to thank Fabien for leading JDE Peet’s, particularly through a period of macro disruption,” said Olivier Goudet, chairman of JDE Peet’s.

“While navigating Covid and high inflation in a more complicated world, Fabien transformed the company into a global coffee and tea powerhouse with brands, talent and sustainability at its core. Our leading portfolio of brands and products ideally position JDE Peet’s to gain global market share by meeting the diverse needs of our many customers and consumers. On behalf of the board, we wish Fabien much success in his future endeavours.”

Simon commented: “It has been an honour to lead this amazing company. Leveraging the company’s strengthened fundamentals, brands, innovations and first class teams in every corner of the world, I am confident that JDE Peet’s has a very bright future.”

Goudet will remain on the board as non-executive director once Vandevelde assumes the role of chairman.