June 10 (Bloomberg) -- Remy Cointreau SA named former L’Oreal SA executive Valerie Chapoulaud-Floquet as chief executive officer as the cognac maker works to reverse a slump in earnings.
Chapoulaud-Floquet will start in mid-September and will report to Chairman François Heriard Dubreuil, the Paris-based company said today in a statement. Frederic Pflanz resigned as CEO in January for personal reasons.
As CEO, Chapoulaud-Floquet will be responsible for reviving growth after the liquor company last week reported a 39 percent drop in annual profit as Chinese customers cut back purchases. The stock has declined 20 percent in the past year.
Chapoulaud-Floquet spent more than twenty years at L’Oreal, where she held various positions in Asia, Europe and North America. In 2008 she joined LVMH Moet Hennessy Louis Vuitton SA, where she was president and CEO of the Americas region for the Louis Vuitton brand.
Sales of Remy Martin cognac have been depressed by government crackdowns on extravagant spending in China, one of the spirit’s largest markets. Adjusted operating profit in the 12 months through March fell to 150.2 million euros ($204.3 million) from 245.4 million euros a year earlier.
Remy rose 4.6 percent to 69.05 euros in Paris today.
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