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JDE Peet’s -- parent company of the Peet’s Coffee brand -- has appointed a new CMO as part of a broader executive restructuring. The shakeup follows something of a tumultuous year for the company, which capped 2024 by announcing plans to increase prices in Brazil by about 30% in the coming year.
The company appointed Ricard Barri Valentines as CMO and a member of its executive committee, succeeding Fiona Hughes in the role. Hughes -- who took on the CMO role back in 2020 -- is shifting to a position as general manager, Australia. The company cited Hughes’ familiarity with the regional market, “entrepreneurial mindset, disciplined approach and proven ability to develop and lead strong teams” in a release announcing the news.
Valentines is a JDE Peet’s veteran of four years, and formerly served as global category director for instant and liquid coffee. In his new role as CMO, he will report directly to Rafa Oliveira, who was appointed the company’s new CEO last November.
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JDE Peet’s also announced the departure of Scott Gray from his role as CFO. According to the announcement, Gray is exiting his role at the Netherlands-based company in order to be with his family in the United States. “Resigning was a very difficult decision for me,” Gray said in a statement. “My wife and I have decided to relocate to the U.S .where our children will soon be starting their higher education.”
JDE Peet’s company announced that Gray will be replaced by an unspecified incoming CFO whose name will be announced Feb. 26, to coincide with the release of its financial results for 2024.
In addition to serving as the company’s CFO after arriving from AB InBev in 2020, Gray had taken on the additional role of interim CEO in August, when Luc Vandevelde – who had held that title since March -- suddenly resigned, citing “unforeseen matters that require [my] immediate attention.”
In a statement, Oliveira thanked Gray for his commitment to the company, citing his “focus on excellence” in shaping “a lasting legacy, leaving behind a company with a robust financial foundation, strong performance and a talented team,” and the importance of his providing “critical leadership continuity” in the interim CEO role.
According to a recent report by data/research consultancy Big Chalk, Peet’s saw a decline from 5.9% to 4.6% for Q2 to Q4. in the number of consumers citing Peet’s as their most frequently purchased coffee brand,