NETHERLANDS – JDE Peet’s Interim CEO and Chairman, Luc Vandevelde, has stepped down from his position just four months after his appointment.  

Following his departure, Vandevelde will join JDE Peet’s majority shareholder, JAB Holdings, as a senior advisor focusing on the fast-moving consumer goods (FMCG) sector. 

Peter Harf, non-executive director at JDE Peet’s and managing partner at JAB, said, “On behalf of the board, I want to thank Luc for his tenure with JDE Peet’s, from lead independent director at the time of our listing to chairman and interim CEO.  

Although he can no longer dedicate the time necessary for an executive role at JDE Peet’s, we are pleased that Luc will advise JAB on its FMCG investments with the time he does have available.” 

In light of Vandevelde’s departure, JDE Peet’s has appointed Scott Gray, the company’s current CFO, as interim CEO effective immediately.  

A spokesperson for JDE Peet’s commented, “Scott is the best person to lead the company pending the appointment of a permanent CEO. The search process for a permanent CEO is nearing completion and we expect to provide an update in this respect later this year.” 

Vandevelde’s exit follows the sudden departure of former CEO Fabien Simon in March, with Vandevelde taking over on an interim basis starting April 1.  

JDE Peet’s, a major player in the global coffee industry, has recently reported strong financial results.  

In its first-half results for 2024, the company posted a 3.6 percent year-on-year organic increase in revenue to €4.2bn (US$4.6bn), and 5.6 percent on a reported basis.  

The group booked an 86.5 percent increase profit to €360 million (US$392.7M)

The company also recorded a five-year organic compound annual growth rate (CAGR) for sales at 5.0 percent, with a free cash flow of €315 million (US$343.66M) during the period.  

Following the strong performance, the group raised its full-year performance forecast from mid-single-digit growth to a projected increase in organic adjusted EBIT of around 10 percent. 

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