BREAKING NEWS

BREAKING NEWS

JAB expands management as Chairman Becht retires

JAB expands management as Chairman Becht retires
FILE PHOTO: A Pret A Manger sign is seen in central London, Britain October 7, 2018. REUTERS/Henry Nicholls/File Photo -
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LONDON (Reuters) - JAB Holding Co, the private owner of coffee and restaurant businesses including Keurig Dr Pepper and Pret A Manger, will bring in three new executives as its chairman, Bart Becht, retires.

Becht, a consumer industry veteran and former CEO of Reckitt Benckiser will retire this year, JAB, controlled by the billionaire Reimann family, said on Monday, without giving a date.

"After almost 40 years in the branded consumer business, I have decided it is time to refocus my activities and retire,” Becht said in a statement.

The news comes days after Coty , in which JAB is the largest shareholder, announced a management shake-up of its own.

JAB, which also controls coffee business Jacobs Douwe Egberts and restaurant Panera Bread, will continue to be run by Peter Harf and Olivier Goudet.

It is, however, bringing in three new executives - Fabien Simon, Ricard Rittes and Jacek Szarzynski.

Simon will be the group's chief financial officer, Rittes will lead expansion into emerging markets by opening a new office in Brazil, and Szarzynski will be lead operating partner for the newly created Pret Panera Holding Co.

All three executives have experience at Mars or Anheuser-Busch InBev , where the existing partners also have experience. JAB CEO Olivier Goudet is the current chairman of AB InBev and a former CFO of Mars.

(Reporting by Martinne Geller; Editing by Mark Potter)

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