By Debbie Cai
Peet's Coffee & Tea Inc. named Weight Watchers International
Inc. (WTW) executive David Burwick as its new chief executive and
president, a move that comes weeks after the struggling coffee
seller was taken private.
Mr. Burwick will succeed Patrick O'Dea, who is stepping down
after more than a decade as Peet's president and CEO, but he will
continue as a member of the company's board.
Mr. Burwick, who most recently served as president of North
America for Weight Watchers, has more and two decades of experience
in beverage and retail operations. Prior to Weight Watchers, he
served in senior roles at PepsiCo Inc. (PEP). Mr. Burwick's
appointment is effective Dec. 31.
Peet's was taken private two weeks ago by German investment
group Joh. A. Benckiser for about $1 billion. The company, which is
focused on the bagged-coffee segment, has struggled with higher
coffee-bean costs in recent months. Peet's has also been hindered
by not participating in the fast-growing single-serve market, which
is grabbing market share.
Separately, Weight Watchers said its CEO David Kirchhoff will
handle its North American operations--including the products,
publishing and licensing businesses--in the interim until a
replacement for Mr. Burwick is appointed.
Shares for Weight Watchers were up 79 cents at $57.19 in recent
after-hours trading. The stock is down 16% over the past 12
months.
Write to Debbie Cai at debbie.cai@dowjones.com
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