Remy Cointreau CEO Steps Down After 3 Months

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Jan. 03 (Bloomberg) -- Bloomberg’s Caroline Hyde reports on Frederic Pflanz resigning from Remy Cointreau and what that may mean for the company. She speaks on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

For three months.

The numbers hadn't been so good since he took tenure.

22% slide in the share price since he took over in october.

What it does seem to be a bit of a surprise.

Shares are down this morning.

He said he is quitting for personal reasons.

That is what the statement said.

He is going to stay on as a development director so he has some rains there.

He is responsible for the assignments he has already started.

For the time being, the chairman is going to become the interim ceo.

The company is going to have to hunt for another leader.

A difficult time for the company.

Has it been a tough time for this cognac maker?

Analysts had expected the share price to rise on the backs of this.

It had been a torrid time.

Perhaps the numbers had pushed his decision today.

The numbers have been poor.

November, we got an update saying they expected a substantial double-digit decline.

The reason is their vast exposure to china.

The chinese are clamping down on giftgiving, reining back the luxurious evidence that many of their government officials host.

You are not going to be consuming quite so much cognac unfortunately.

Ryan tells me that he has still been going in guns blazing.

He wasn't able to make it.

He tried his best.

Generally they have been raining this leavitt expense back.

We see the share price deteriorate in the last few months.

Any exposure to china particularly in the luxurious drinking area has been hitting them hard.

It is not voting well.

Thank you very much.

Caroline hyde with the latest on remi cointreau.

Final thoughts with our markets team coming up next.

Before we go, we will leave you with a live shot from new york.

Heavy snow, strong winds, very cold windchill, all expected or being seen already in the northeast of the united states.

If you have travel plans in the region, we will keep you up-to- date on everything you need to know on that.

Final thoughts when we come back.


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