Dutch tea and coffee major JDE Peet’s has picked former Kraft Heinz executive Rafael Oliveira as its new CEO.
Oliveira, who will also become "stand-in executive director", will lead the Amsterdam-based company from 1 November, a statement said today (21 October).
Joining the company is contingent on Oliveira receiving a work permit for the Netherlands, while "his formal appointment as executive director" is dependent on shareholder approval being granted at the group's next AGM in June.
Oliveira's experience includes a decade at Kraft Heinz in several executive positions, including president of international markets.
"I am thrilled to welcome Rafa to JDE Peet's. His deep understanding of global markets and consumers, strategic acumen, and proven performance in the consumer sector is complemented by a passion for innovation and team development," said Peter Harf, chairman of the JDE Peet's board.
“With Rafa’s appointment, the company is now entering a new and exciting phase. I am confident in Rafa’s ability to deliver against our strategic priorities and drive consistent performance across top-line, profitability, and cash flow whilst creating value for all stakeholders.”
JDE Peet's began its hunt for a new CEO in April after Fabien Simon announced he would be leaving the business in March.
The reason behind Simon's departure was not revealed at the time.
Former Marks and Spencer chairman Luc Vandevelde was picked as Simon's replacement on an interim basis but stepped down just a few months later, citing “unforeseen matters” that needed his “immediate attention”.
CFO Scott Gray then stepped in, taking on the role alongside his current position.
Gray will now work alongside Oliveira "to ensure a seamless transition and onboarding".
In the statement, the Kenco instant coffee maker added it was "on track" to hit its 2024 growth targets.
In its half-year results released in August, JDE Peet's raised its total group outlook from mid-single-digit growth to an expected increase of "around 10%" for organic adjusted EBIT.
Alongside the news of Oliveira's appointment, holding company JAB announced it has agreed to acquire shares in JDE Peet's from US snacking major Mondelez International.
JAB has snapped up 86 million shares from the Oreo biscuits producer for €25.10 ($27.23) per share, increasing JAB's stake in the coffee heavyweight to 68%.
“These transactions represent a major milestone for JDE Peet’s, which is now a more widely held blue chip company,” said Joachim Creus, JAB managing partner, vice chairman and CEO.
“JAB has strong conviction in the resilience of the global coffee sector and the long-term value creation prospects of JDE Peet’s. We are fully committed to remaining an anchor shareholder of the world’s leading pure-play coffee and tea company.”
