Shares in Rémy Cointreau fall as chief executive announces departure

The chief executive of Rémy Cointreau has resigned, the French drinks group confirmed on Tuesday.

Rémy Cointreau said that Valérie Chapoulaud-Floquet, 56, had stepped down for personal reasons and that she would leave the company by the end of the year.

It did not provide any further details about why she was leaving the firm she joined in 2014 from luxury goods group LVMH.

The board of directors did, however, state their “deep gratitude for her commitment and contribution to the quality of the group’s result and successful strategy.”

Under Chapoulaud-Floquet, Rémy Cointreau - which makes Rémy Martin cognac and Cointreau orange liqueur - has shifted away from lower-end spirits towards more high-end products. The strategy has helped boost both profits and the share price. Last month, the company reported a stronger-than-expected 14% rise in annual operating profits, to €264m, boosted by strong demand for premium cognacs from wealthy Chinese consumers.

The share price has surged from around €58 at the start of 2014 to a high this year of €131. As at 1030 BST, however, the shares were down 2% at €127 as investors reacted to Chapoulaud-Floquet's intended departure.

In a statement, Chapoulaud-Floquet said: “It is with great emotion that I will leave Rémy Cointreau at the end of the year, once the torch passed to my successor. I am serene, as the group’s results, foundations, teams and strategic vision allow it to envisage the future with ambition and success.”