By Dow Jones Business News,
June 10, 2014, 02:08:00 PM EDT
By Inti Landauro
PARIS--French high-end cognac maker Remy Cointreau (RCO.FR) on Tuesday announced the hiring of a new chief executive
to replace previous CEO Thierry Pflanz, who stepped down five months ago after only three months on the job as the
company saw declining profit.
New CEO Valerie Chapoulaud-Floquet, who now holds a top management position at Moet Hennessy Louis Vuitton LVMH
(MC.FR), will take the job in mid-September, Remy Cointreau said.
The French drinks maker's net profit for the year ended in March fell by more than half amid a Chinese government
austerity campaign that included a ban on bureaucrats' gift-giving, which led to a sharp decline in demand for cognac.
Remy Cointreau, best known for its Remy Martin cognac, is among the companies hit hardest by Chinese President Xi
Jinping's push to rein in extravagant entertainment spending. The French drinks maker expects sales in China to hurt
profit this year, too.
Between late 2013 and early 2014, when the company reported the most severe blows related to China, several top
executives including Mr. Pflanz left the company.
Remy Cointreau has long been controlled by the Heriard Dubreuil family, a secretive French family that holds around
60% of the group. The company's chairman, Francois Heriard Dubreuil, will keep his job, the company said.
Write to Inti Landauro at firstname.lastname@example.org
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