JDE Peet’s appoints Luc Vandevelde as Interim CEO 

NETHERLANDS – JDE Peet’s, the owner of coffee brands including Douwe Egberts and L’Or, has announced the appointment of Luc Vandevelde as its interim chief executive, effective April 1.  

Vandevelde, former chairman and CEO of Marks and Spencer, currently serves as the lead independent director at JDE Peet’s and will assume the role on an interim basis while the company initiates the search for a permanent replacement for departing CEO Fabien Simon. 

Vandevelde, who brings extensive experience as an ex-Jacobs coffee executive from the 1990s, played a crucial role in Kraft Foods’ acquisition of Jacobs Suchard in 1990. 

Joachim Creus, the CEO of JAB, the majority shareholder of JDE Peet’s, expressed confidence in Vandevelde’s leadership, stating, “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.” 

JAB reiterated its commitment to JDE Peet’s and its long-term growth prospects in the pure-play coffee and tea sector.  

“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,” Creus added. 

Vandevelde is set to take on the additional role of chairman of JDE Peet’s after the Annual General Meeting in May. 

The current CEO, Fabien Simon, who assumed the role in 2020, is set to leave the company on April 1. No specific reasons were provided for the leadership change.  

Olivier Goudet, Chairman of JDE Peet’s, thanked Simon for leading the company through challenging times, including the complexities of the COVID-19 pandemic and high inflation. 

Under Simon’s leadership, JDE Peet’s achieved notable financial results in 2023, with sales reaching €8.19 billion (US$8.96 billion), a 3.9 percent organic growth.  

The adjusted EBIT for the same period was €1.13 billion (US$1.24B), marking a 1.1 percent organic increase. However, the underlying profit experienced a 21.6 percent drop to €734 million (US$803.25M). 

Simon, in discussing the outlook for 2024, indicated expectations for organic sales growth to be at the lower end of the medium-term target of 3 percent to 5 percent, with mid-single-digit organic growth in adjusted EBIT, excluding Russia’s performance. 

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