Pernod names new chiefs
Distiller Pernod Ricard named Daniele Ricard as chairwoman, and said it intends for Alexandre Ricard to take on the role as well as the post of chief executive at the end of January 2015.
The maker of Absolut vodka, which reported earnings today, appointed Daniele Ricard after the sudden death of Patrick Ricard on August 17th. Chief executive Pierre Pringuet added the position of vice chairman to his role, and Alexandre Ricard was named deputy CEO and chief operating officer, the company said today.
"I would like to reiterate the Ricard family's commitment to pursue the group's strategy and development," Daniele Ricard said in a statement.
The distiller, which sells Chivas Regal whisky, said today that so-called organic operating profit rose 9 per cent in the year to June 30th, compared with its projection for growth on that basis of close to 8 per cent. The increase missed the median estimate of 12 analysts surveyed by Bloomberg News for a 9.6 per cent gain.
The forecast was "clearly conservative in our view", Melissa Earlam, an analyst at UBS AG in London, said in a note before the results.
Sales increased 8 per cent, excluding the effects of acquisitions, disposals and currency fluctuations, beating a 7.2 per cent median estimate, driven by 17 per cent growth in emerging markets including China, where consumers are snapping up more expensive alcohol including its Martell cognac, compared with 2 per cent increase in developed markets.
Patrick Ricard was 67 when he died, and had led the company as CEO for three decades, presiding over transformational deals including the acquisitions of Allied Domecq and Vin and Sprit, a 2008 transaction for €5.28 billion which gained the company Absolut vodka. He took the role of chairman in 2008, with Mr Pringuet becoming CEO.
Alexandre Ricard currently manages Pernod's distribution network. Mr Pringuet will leave in January 2015 upon reaching mandatory retirement age, the company said.