Change of Executive Chairman and Chief Executive Officer
25 May 2020: Selecta announces today that the current Executive Chairman, Mr. David Hamill, has decided to retire from the Group. Furthermore, Selecta announces that the current Group Chief Executive Officer, Mr. David Flochel, will also leave his role. Both will leave the Group with immediate effect. Mr. Hamill and Mr. Flochel played important roles in creating the Group as it stands today, leading the business during its successful acquisitions of Pelican Rouge in 2017 and Gruppo Argenta in 2018 as well as the subsequent integration process. The Board wishes to express its sincere thanks to Mr. Hamill and Mr. Flochel for their achievements, support and service whilst in their roles and wishes them all the best in their future endeavours.
Mr. Joe Plumeri, already a Member of the Board of the Group since March 2020 will take on the role of Executive Chairman. Mr. Plumeri is a Senior Advisor to KKR and his successful career spans over five decades. His prior roles include vice chairman of the First Data Board of Directors as well as chairman and CEO of Willis Group Holdings. Prior to joining Willis, he had a 30+ year career at Citigroup and its predecessor companies.
"Joe is a passionate value-creator and leader who drives positive change in large organizations," said Scott Nuttall, Co-President and Co-Chief Operating Officer of KKR. "He is a culture-creator committed to client service, innovation, integrity and transparency. Having worked with Joe over the last 20 years, I am confident he will be an incredible asset to Selecta as Executive Chairman."
Mr. Christian Schmitz, a Member of the Board of Selecta since April 2020 and acting as interim Chief Operating Officer of the Group since beginning of the year will replace Mr. Flochel as Chief Executive Officer. Mr. Schmitz is a Director at KKR Capstone and as part of his new role, he will transition full time to Selecta. Previously, he was a partner with McKinsey & Company in San Francisco, where he led transformations with multiple businesses.
Joe Plumeri said: "Christian brings a wealth of highly relevant experience to Selecta and we have all been deeply impressed by his work and leadership over the last couple of months. I believe that under his leadership and by working together and closely with our customers, hardworking and loyal employees, stakeholders and local partners as the situation develops, Selecta will emerge as a stronger company from the current situation.”
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About Selecta Group
Headquartered in Switzerland since 1957, Selecta is a European leader in unattended self- serve coffee and convenience food, operating in 16 European countries. An annual turnover of EUR 1.5 billion is a testament to the passion and dedication of more than 9,000 highly skilled Selecta employees, providing great quality coffee brands and convenient food and beverages concepts for the workplace, on-the-go as well as hotels, restaurants and cafes (“HoReCa”). For further information, please visit www.selecta.com
We are providing this information voluntarily, and the material contained in this announcement is presented solely for information purposes and is not to be construed as providing investment advice. As such, it has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, completeness, accuracy, correctness or reliability of the information contained herein or the assumptions upon which the information is based. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Neither Selecta, nor any of its directors, officers, employees, affiliates, direct or indirect shareholders, advisors or agents accepts any liability for any direct, indirect, consequential or other loss or damage suffered by any person as a result of relying on all or any part of this presentation and any liability is expressly disclaimed.
Forward Looking Statements
This press release includes “forward-looking statements” that involve risks, uncertainties and other factors, many of which are outside of Selecta’s control and could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning Selecta’s plans, objectives, goals, future events, performance or other information that is not historical information. All statements other than statements of historical fact referred to in this press release are forward-looking statements. Forward-looking statements give Selecta’s or the Group’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements, as well as those included in any other material, are subject to known and unknown risks, uncertainties and assumptions about Selecta, its present and future business strategies, trends in its operating industry and the environment in which it will operate in the future, future capital expenditure and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur or Selecta’s or the Group’s actual results, performance or achievements might be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. None of Selecta, its affiliates or their respective directors, officers, employees, agents or advisers undertake to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.