PARIS (Reuters) – Remy Cointreau <RCOP.PA> is preparing to name Richemont’s <CFR.S> Eric Vallat as its new chief executive officer, Bloomberg reported on Wednesday, citing a person familiar with the matter.
Remy Cointreau, whose shares gained 2.7% following the report, could not be immediately reached for comment.
Vallat, who used to work at the French cognac maker, would replace Chief Executive Valerie Chapoulaud-Floquet, who said in early July she will step down by the end of 2019 for personal reasons.
Remy Cointreau’s share price has more than doubled since Chapoulaud-Floquet, a luxury sector specialist, took over in September 2014 with a strategy focussed on selling spirits priced at $50 or more a bottle.
Richemont said earlier this week that Vallat will leave the owner of the Cartier and Montblanc brands in October after little more than a year as chief of fashion and accessories.
The Swiss company did not say where Vallat was going, saying only that he had been offered a “wonderful opportunity outside the group”.
Vallat headed Remy Martin’s cognac division from 2014 until he left for Richemont in 2018.
(Reporting by Dominique Vidalon; Editing by Leigh Thomas)