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 inti.landauro@wsj.com
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