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Remy Cointreau close to naming Richemont's Vallat as CEO - Bloomberg

Remy Cointreau close to naming Richemont's Vallat as CEO - Bloomberg
The logo of Remy Cointreau SA is pictured in the Cointreau distillery, where the the orange-flavoured triple sec liqueur is produced, in Saint-Barthelemy-d'Anjou near Angers, France, February 8, 2019. REUTERS/Stephane Mahe -
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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)

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