Rémy Cointreau CEO Eric Vallat resigns
Eric Vallat steps down after five years leading the French spirits group, following steep sales declines and a cost-saving plan.
FRANCE – Rémy Cointreau has announced the resignation of Chief Executive Officer Eric Vallat, who is departing to pursue another professional opportunity after leading the company for more than five years.
Vallat assumed the CEO role in late 2019 after a brief tenure at the Richemont Group, where he headed the fashion and accessories division.
Prior to that, he held executive roles at Rémy Cointreau, including CEO of the Remy Martin cognac label and president of Mount Gay rum.
The French spirits maker said its chairman, Marc Hériard Dubreuil, and Deputy CEO, Luca de Leusse, will oversee the transition period.
De Leusse will be responsible for ensuring operational continuity and the continued implementation of the group’s long-term strategy.
In a statement, Vallat expressed confidence in the company’s future direction. “I will be leaving the group with the sense of having strengthened its foundations,” he said, adding that the business is well positioned for recovery with a solid brand portfolio.
Details surrounding Vallat’s departure and any potential compensation will be disclosed to shareholders at the company’s upcoming general meeting.
De Leusse praised Vallat’s leadership through what he described as a challenging five-year period marked by the COVID-19 pandemic, a cycle of high growth, and a volatile economic and geopolitical environment.
He credited Vallat with executing a value-driven strategy that led to gains in market share, digital transformation, and a stronger focus on sustainable practices.
The leadership transition comes amid financial difficulties for Rémy Cointreau. In its January trading update, the company reported a 17.8% decline in organic sales to €797.9 million (US$906.4M) for the nine months ending December 2024. Sales in the third quarter dropped 21.5% organically.
For the full year ending March 2024, Rémy Cointreau expects annual organic sales to fall close to 18%, at the lower end of its previous guidance.
The company’s total annual sales declined 19.2% on an organic basis to €1.19 billion (US$1.35B), with operating profit falling 31.6% to €291.6 million (US$331.5M).
Net profit dropped 37.1% to €184.8 million (US$209.98M). In response, the group initiated a €50 million (US$56.8M) cost-saving plan in October 2024.
Rémy Cointreau will publish its fourth-quarter sales results on April 30.
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