Rémy shares decline after CEO resigns

Shares in Rémy Cointreau have dropped after the announcement that the group’s CEO would be stepping down after only three months in the role.

Shares in Rémy Cointreau have dropped 3.16% since CEO Frédéric Pflanz resigned from his post last week

The Spirits Business reported last week that the French drinks group’s chief executive officer Frédéric Pflanz had resigned from his post due to “personal reasons”, having only taken up the position in October 2013.

Shares in the company, which owns Scotland’s Bruichladdich Distillery and produces Rémy Martin Cognac, have since declined 3.16%, currently sitting at €57.05.

It was announced in July last year that Pflanz would be promoted to CEO from his position of CFO, with Luca Marotta stepping in as his replacement.

Pflanz’s resignation presents another blow to Rémy Cointreau, which recently reported a 10.4% drop in net profits for the first half of 2013, blaming a slowdown in the Cognac market due to China’s crackdown on conspicuous spending.

Pflanz will remain with the group as development director while Rémy Cointreau’s chairman François Hériard Dubreuil will temporarily take up the role of CEO.