French spirits company Remy Cointreau SA's shares fell on Friday after the surprise resignation of its chief executive officer Frederic Pflanz after only three months in the job.
According to a report by Reuters, shares in Remy Cointreau were down more than 2% to €59.19 per share. Its shares had lost 27% in the past six months. Remy Cointreau is the maker of Remy Martin cognac and Cointreau liqueur.
Pflanz's resignation came after a profit warning at the end of November due to weak Chinese demand for Remy Cointreau's products. This has led some analysts to speculate that Pflanz's departure could be related to the company's poor peformance, the report said.
Remy Cointreau did not provide an explanation other than saying the CEO was leaving for personal reasons. The company added that Pflanz would stay on as its development director. Pflanz joined Remy Cointreau in 2010 as its finance director. He was promoted from chief operating officer to CEO on October 1, Reuters said.
Remy Cointreau chairman Francois Heriard Dubreuil will assume Pflanz's responsibilities until a replacement is found, the report said.
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