JDE Peet’s appoints Rafael Oliveira as new CEO amid strategic restructuring
UK – JDE Peet’s, the world’s leading pure-play coffee and tea company, has appointed Rafael Oliveira as its new CEO and stand-in executive director, effective 1 November.
Oliveira, a seasoned executive with nearly 10 years at Kraft Heinz, brings a wealth of global leadership experience, having previously held roles such as Managing Director for the UK & Ireland and President of Europe, Middle East, and Africa.
Most recently, he served as President of International for Kraft Heinz.
Oliveira’s appointment follows an extensive search initiated by JDE Peet’s board after Fabien Simon announced his departure as CEO in March.
Simon’s interim replacement, former Marks and Spencer CEO Luc Vandevelde, resigned four months later due to unforeseen circumstances.
Since then, the role was temporarily filled by JDE Peet’s CFO, Scott Gray, who will now work closely with Oliveira to ensure a smooth leadership transition.
Peter Harf, Chairman of JDE Peet’s, expressed confidence in Oliveira’s appointment, stating, “Rafael’s deep understanding of global markets and consumers, along with his proven strategic acumen and passion for innovation, makes him the ideal candidate to lead JDE Peet’s into its next phase of growth. We are confident in his ability to deliver consistent performance across top-line, profitability, and cash flow, creating value for all stakeholders.”
Mondelēz International divests shares in JDE Peet’s
The leadership change comes at a time of strategic restructuring within JDE Peet’s. JAB Holding Company, a major shareholder, has agreed to acquire Mondelēz International’s 86 million shares in the company for €25.10 per share.
According to Bloomberg, this transaction totals approximately €2.16 billion.
Additionally, JAB distributed 43 million shares of JDE Peet’s to over 70 limited partners in its JAB Consumer Partners fund, raising the company’s free float to 32 percent.
Following these transactions, JAB’s stake in JDE Peet’s will increase to 68 percent, reinforcing its commitment to the global coffee sector.
JAB Managing Partner Joachim Creus commented, “These transactions are a significant milestone for JDE Peet’s, enhancing its position as a widely held blue-chip company. We have strong conviction in the resilience of the global coffee industry and remain committed to our long-term value creation strategy for JDE Peet’s.”
In financial performance, JDE Peet’s posted 5.6 percent year-on-year sales growth in the first half of 2024, reaching €4.2 billion (US$4.5 billion), with total gross profit increasing by 9 percent to €1.7 billion (US$1.8 billion).
As a result, the company raised its full-year sales and earnings forecasts, now expecting 5 percent sales growth and 10 percent adjusted EBIT growth for the year.
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