The French drink giant behind one of Scotland’s best selling whiskies, The Glenlivet, has turned to one of the company’s founding families in an attempt to revive sluggish sales in key markets.
Pernod Ricard said yesterday it had appointed Alexandre Ricard as executive chairman.
Pierre Pringuet has stepped down from the role of chief executive at the end of his term of office and Daniele Ricard, who was chairwoman, is no longer on the board.
Mr Pringuet, who in December was unveiled as the new chairman of the Scotch Whisky Association, has kept his role as vice-chairman.
Paris-based Pernod Ricard said it was following the advice of its nominations and governance committee in reuniting the functions of CEO and chairman.
Mr Ricard’s grandfather, Paul Ricard, launched a business making an aniseed-based liqueur and carrying the family name in 1932.
Ricard, which was based in Marseille, merged with French rival Pernod 40 years ago to create the current company, whose whisky brands include The Glenlivet, “global icon” Chivas Regal, Ballantine’s Royal Salute, 100 Pipers, Clan Campbell and Something Special.
The group’s varied drink portfolio also includes Jameson Irish whiskey, Absolut vodka, Beefeater gin, Havana Club rum, Kahlua coffee liqueur, Malibu coconut-flavoured rum, Jacon’s Creek wine and champagne brands Mumm and Perrier-Jouet.
First half results from the firm yesterday showed a 5% fall in net profits to £587million, from £619million a year earlier, despite strong performances for The Glenlivet, Jameson, Perrier Jouet and Mumm, whose net sales grew by 14%, 10%, 9% and 8% respectively.
Profits from continuing operations were flat at £1billion, while total net sales for the six months to December 31 were up by 1% to £3.41billion, from £3.37billion previously, driven by growing demand for the Glenlivet and other key brands.
Pernod Ricard said it was seeing a gradual improvement in underlying trends in China, where government anti-extravagance measures have hit the practice of corporate gift-giving – affecting imports of premium whisky brands.
The company also reported 2% net sales growth in the Americas, despite “a challenging business environment” in its key US market.