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Peter Harf, president and managing partner of Jab Holding in Europe, retires after more than 40 years, because the investment group he created is diversifying from his portfolio in difficulty focused on consumers.
The 78-year-old German executive will be replaced by management partners and co-chefs Joachim Creus and Frank Engelen, CUT Announced on Monday. Creuse will become president and Engelen will be vice-president.
Harf’s retirement puts an end to a four decades race in which he has become one of the most powerful prosecutors in Europe, transforming the heirs of the Reimann Recluse family into billionaires in the process.
He is recognized for having transformed an obscure business of German chemicals, controlled by the Reimanns, into a powerful conglomerate with major participations in some of the biggest consumption brands in the world, including Keurig Dr Pepper, ready to eat, Krispy Kreme and Jde Peet’s.
In addition to the management of the wealth of the Reimann family, including their investments in consumer brands, JAB partners have relieved capital to other families and rich allocations, to finance a wave of transactions over 50 billion dollars.
However, JAB’s excessive dependence on the mainstream marks was seriously exposed by dramatic changes in behavior during the pandemic and by subsequent inflationary overvoltage, which hugged the power of expenditure.
The group recently reported that the value of its portfolio had been reduced by $ 10.1 billion last year, as its coffee investments, bakeries and beauty were considerably marked. In total, the fair value of JAB investments in its various subsidiaries fell 24% to 39 billion dollars.
Jab previously said that he was convinced that the high operational performance of his portfolio would result in a long -term recovery of valuation.
Jab is aggressively diversifying in life insurance and asset management looking for more reliable sources of income. A reimann family spokesman said that Creus and Engelen had “stated a convincing strategic vision to prepare JAB for the next generation of long-term sustainable growth”.
The spokesman added that the pair had launched the company’s new life insurance division in the past year and had made its first acquisition in the sector. The agreement for the life of prosperity, which manages $ 25 billion in assets, estimated The insurer has more than $ 3 billion.
Despite his new orientation, JAB continues to hold important participations in consumer companies, including the Coty and Panera Brands beauty group, which has bakeries and cafes.
The company said on Monday that Harf would remain “fully invested” in the company and would continue to be president of the non -profit organization of the Reimann family, the Alfred Landecker Foundation.
“I would like to express my gratitude to the Reimann family who, over 40 years ago, responsible for embarking on the journey of a life,” said Harf. “It’s now time to pass the stick to a new generation of leadership.”
