After more than 40 years in the consumer goods business, JAB Holding chairman Bart Becht announced that he will be retiring from the company. However, reporters at Bloomberg and Financial Times reveal that the “retirement” might be more of a case of irreconcilable difference of opinion.
Financial Times states that two people close to the decision cite a falling out between Becht, senior partner Peter Harf, and CEO Olivier Goudet over whether the company should continue its ravenous rate of acquisition. JAB has made a name for itself in the food and beverage sector by acquiring Dr Pepper Snapple, Keurig, Stumptown Coffee Roasters, Caribou Coffee, Peet’s Coffee, Krispy Kreme Doughnuts, and Scandinavian coffee chain Espresso House. Becht reportedly wanted the company to slow its rate of acquisition, while Harf and Goudet were against the idea. Bloomberg looks into the viability of both strategies for JAB.
As part of the transition, JAB will welcome Fabien Simon as Chief Financial Officer, while Ricardo Rittes will head efforts to expand into new markets and Jacek Szarzynski will become the company’s lead operating partner.
JAB’s subsidiary company, Caribou Coffee, also made news this week with the announcement that the Midwest coffee giant tacked on an additional title to president John Butcher, who is now President and CEO of the company. Butcher spent 20 years at Target, holding a variety of merchandising and marketing roles before moving to Caribou in June of 2017.