The chairman of coffee empire JAB Holdings Company has unexpectedly resigned.
The company said in a statement Monday that Bart Becht will retire in 2019 but provided no further details on the timing of his departure.
JAB is the investing arm of Germany’s Riemann family. Becht runs the privately held company alongside partners Peter Harf and Olivier Goudet.
Becht also serves as chairman of Keurig Dr. Pepper, in addition to being on the boards of a number of JAB investments, including Peet’s Coffee & Tea, Panera Bread and Krispy Kreme.
His retirement comes after he announced in November his resignation as chairman of Coty, one of JAB’s largest investments. Under Becht’s tenure as chairman of the beauty giant, sales dropped and the company’s stock price tumbled. Coty announced a new chief financial officer Friday, several months after it appointed Pierre Laubies as CEO.
Before joining Coty, Laubies served as CEO of Jacobs Douwe Egberts, another one of JAB’s coffee investments. Coty’s incoming CFO Pierre-Andre Terisse previously held the same role at the food company Danone.
JAB did not immediately respond to a request for comment from CNBC.