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TMCNet:  Shares hit as Remy chief steps down [Scotsman, The (Scotland)]

[January 04, 2014]

Shares hit as Remy chief steps down [Scotsman, The (Scotland)]

(Scotsman, The (Scotland) Via Acquire Media NewsEdge) Shares in French spirits group Remy Cointreau took a further tumble yesterday following the resignation of its chief executive after only three months in the job.The company, which owns the Bruichladdich distillery on Islay, said Frederic Pflanz had resigned for personal reasons, but did not give further details.Pflanz, the company's former chief financial officer, was appointed chief executive in June, and formally took the reins on 1 October, shortly before the group shocked investors with a profit warning.Remy Cointreau shares have been on a downward slope for most of last year, losing around 40 per cent of their value. They were down a further 2.7 per cent yesterday.Board chairman Francois Heriard Dubreuil will temporarily assume the responsibilities of chief executive officer, the company said, adding that its strategy remains unchanged.Pflanz, a former finance director at the consumer products unit of cosmetics giant L'Oreal, will remain at Remy as development director.


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