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Remy Cointreau SA appointed former Chanel executive Franck Marilly to replace outgoing Chief Executive Officer Eric Vallat.
Marilly, who will start on June 25, joins at a critical juncture for the Paris-listed group, which is facing tariff concerns in two of its key markets. Vallat had said last month he would be stepping down this summer.
Remy’s shares, which had slumped more than 45% in the past year through Tuesday’s close, slipped 0.7% in early trading in Paris.
Remy and rival Cognac makers have been under pressure from an anti-dumping investigation in China, which has imposed temporary duties on imports of the French brandy. Duty free channels have been suspended, prompting a further drop in Cognac sales in its most recent results.
The company has also faced concerns about potential import tariffs in the US.
The “timely” appointment is likely to be welcomed by investors, Morgan Stanley analyst Rashad Kawan said in a note, adding that Marilly’s experience as a trade adviser to the French government since February has “potential merits” in the context of global trade tensions.
Marilly, who has also previously worked at Unilever Plc, left Japanese cosmetics maker Shiseido Co. this month. He joins Remy as it begins a €50 million ($56.5 million) cost-cutting plan.
This story was originally featured on Fortune.com
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