NEW DELHI, Oct 14 (Reuters) – Pernod Ricard’s (PERP.PA) India head, Thibault Cuny, has stepped down from his position as a consequence of well being causes, the French spirits large mentioned on Friday, marking a high-profile exit at a time the corporate is combating regulatory and authorized battles within the nation.
Cuny, who has been coping with well being considerations for some years, will take a break from his skilled duties on medical recommendation, however will keep on with Pernod, the corporate mentioned in its assertion to Reuters.
Cuny took over because the managing director and CEO of Pernod Ricard South Asia in 2019 after serving as Pernod Ricard Brazil as president and CEO. He has been with the group on varied management roles for nearly 20 years.
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His exit comes at a important time for the Indian enterprise of Pernod, the maker of fashionable manufacturers reminiscent of Chivas Regal and Absolut vodka. The corporate, which is embroiled in varied tax and authorized battles, is the second greatest spirits participant in India the place it competes with the likes of Diageo (DGE.L).
Reuters reported last week Indian tax authorities, following an investigation, have demanded $244 million from Pernod India for undervaluing sure liquor imports for over a decade to keep away from full cost of federal duties. Pernod has challenged the demand in courtroom.
The spirits maker has additionally been lobbying Indian authorities, together with Prime Minister Narendra Modi’s workplace, to resolve its long-standing tax disputes associated to liquor imports valuation, saying they’d “inhibited recent funding” within the nation.
Within the assertion, Pernod mentioned it has began the method to determine a brand new chief for the “subsequent section of its progress and transformation” in India.
Within the interim, Philippe Guettat, Chairman and CEO of Pernod Ricard Asia, will take cost of Pernod Ricard South Asia, together with India, the corporate mentioned.
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Reporting by Aditya Kalra in New Delhi
Modifying by Shri Navaratnam
Our Requirements: The Thomson Reuters Trust Principles.
