PATRICK RICARD RESIGNS AS CEO
In Pernod Ricard’s general shareholder’s meeting today, Patrick Ricard announced his decision to resign as ceo at the end of the 2007/2008 fiscal year, which will take place at the close of the next general meeting (Nov. 5, 2008). He has recommended to the appointments committee that Pierre Pringuet, managing director, succeed him in November 2008 as the new ceo. Patrick, meanwhile, will remain chairman of the board after his resignation.
Furthermore, Nicole Bouton, chairman and founder of Financière Centuria Group, was promoted as a director of the company for a four-year term of office.
After announcing the new appointments, Patrick touched on several important topics during the Q&A, including Stoli and Absolut, U.S. consumption and wine acquisitions. Here’s what he had to say:
WHAT’S TO HAPPEN WITH STOLI AND ABSOLUT? “If we were in the drivers seat we would have already closed one of these deals...we’re working on two projects at the same time. We’ve been working on Stolichnaya for several years...we are trying to bring all the forces together and reunify the brand [Stoli] and acquire it...we do hope we can close the deal. But it’s not depended on us. That’s all I can tell you about Stolichnaya,” said chairman Patrick Ricard.
“Absolut is for sale but for the time being we haven’t received any specifications or details and they keep on postponing this...we can’t afford to do both deals [Stoli and Absolut] but it would be good for the group to have a significant vodka...we already have a vodka that is doing well but it would be nice to have a strong vodka in the US market...we are prepared to do something if something can be done.”
ARE THERE ANY WINE ACQUISITIONS ON THE HORIZON? “If we were to add something onto the list quite obviously if we had a California wine it would be nice. But I think we have to wait because if we’re going to invest we’re going to invest in vodka first and then we shall see. First we have to alleviate the debt...wine is on the backburner.”
“However, wine is a source of growth for Pernod Ricard. The growth is remarkable. And Pernod’s Australian, New Zealand and Spanish wines not to mention South American and South African wines are all very important to us.”
IS U.S. CONSUMPTION DROPPING? “There is no slowdown in consumption in the US. Of course, consumption is not at an apex so we shall see if subprime has hit our consumers in the foreseeable future...the U.S. economy has fueled the engine by lowering interest rates...some people say it [consumption] shall drop but to be fair we haven’t seen that. We shall see with our year end sales.”
To view Pernod’s Q1 results, click here.
Furthermore, Nicole Bouton, chairman and founder of Financière Centuria Group, was promoted as a director of the company for a four-year term of office.
After announcing the new appointments, Patrick touched on several important topics during the Q&A, including Stoli and Absolut, U.S. consumption and wine acquisitions. Here’s what he had to say:
WHAT’S TO HAPPEN WITH STOLI AND ABSOLUT? “If we were in the drivers seat we would have already closed one of these deals...we’re working on two projects at the same time. We’ve been working on Stolichnaya for several years...we are trying to bring all the forces together and reunify the brand [Stoli] and acquire it...we do hope we can close the deal. But it’s not depended on us. That’s all I can tell you about Stolichnaya,” said chairman Patrick Ricard.
“Absolut is for sale but for the time being we haven’t received any specifications or details and they keep on postponing this...we can’t afford to do both deals [Stoli and Absolut] but it would be good for the group to have a significant vodka...we already have a vodka that is doing well but it would be nice to have a strong vodka in the US market...we are prepared to do something if something can be done.”
ARE THERE ANY WINE ACQUISITIONS ON THE HORIZON? “If we were to add something onto the list quite obviously if we had a California wine it would be nice. But I think we have to wait because if we’re going to invest we’re going to invest in vodka first and then we shall see. First we have to alleviate the debt...wine is on the backburner.”
“However, wine is a source of growth for Pernod Ricard. The growth is remarkable. And Pernod’s Australian, New Zealand and Spanish wines not to mention South American and South African wines are all very important to us.”
IS U.S. CONSUMPTION DROPPING? “There is no slowdown in consumption in the US. Of course, consumption is not at an apex so we shall see if subprime has hit our consumers in the foreseeable future...the U.S. economy has fueled the engine by lowering interest rates...some people say it [consumption] shall drop but to be fair we haven’t seen that. We shall see with our year end sales.”
To view Pernod’s Q1 results, click here.
posted at 9:01 AM
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