What happened? This morning Remy Cointreau announced the appointment of its new CEO, Franck Marilly, who will take office on 25th June 2025, succeeding the current CEO Eric Vallat, who announced his resignation on 9th April. Mr Marilly has over 30 years of experience with the luxury and cosmetics industry, most recently serving as CEO of the EMEA region and the global fragrance division of Shiseido, which he joined in 2018. Prior to this, Mr Marilly spent 17 years at Chanel, where he notably served as CEO of the EMEA region for the fragrance and beauty division. Prior to joining Chanel, Mr Marilly held various positions including President of the fragrance division for Unilever in France. Importantly, we note that Mr Marilly was appointed Foreign Trade Advisor of France in February 2025 by a decree signed by the Prime Minister. BNPP Exane View: Mr Marilly joins as CEO at a challenging time. But interestingly, despite over 30 years working in fragrance and luxury, we note that he joins the with little to no experience of working within the spirits/beverages sector. However, in our view, an important motivation for the appointment is likely Mr Marilly''s role as the Foreign Trade Advisor of France, particularly given the current tariff uncertainty impacting Remy Cointreau.