Finance
Pernod Ricard Replaces Cognac Chief as Sales Tumble
Published by Global Banking & Finance Review®
Posted on May 28, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleGlobal Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 28, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GooglePernod Ricard replaces its cognac chief amid declining sales and tariff threats, with Francois-Xavier Morizot taking over leadership.
By Tassilo Hummel and Emma Rumney
PARIS/LONDON (Reuters) - Pernod Ricard has replaced the head of its cognac business, Philippe Neusch, according to an internal memo seen by Reuters, in the latest change at the top of a major cognac house as the industry faces a sales slump and tariff threats.
Neusch took the helm of Pernod's cognac house Martell in 2023 and will be replaced by Francois-Xavier Morizot who heads the group's champagne business and will now run both divisions, the memo to staff said, thanking Neusch for his service.
A Pernod spokesperson confirmed the information in the memo but declined to provide further details. No explanation for the change was given in the memo.
Neusch did not immediately respond to a request for comment sent via LinkedIn.
The world's three biggest cognac labels have now all changed their leadership amid a sector-wide downturn in sales.
Pernod rival Moet-Hennessy, owned by LVMH, named Alexandre Arnault, son of LVMH owner Bernard Arnault, as its deputy CEO in November, tasked with turning around the struggling wine and spirits division.
It has since announced plans to shrink its workforce by nearly 13%. Moet-Hennessy also installed a new CEO just for the Hennessy cognac brand, with former Dior executive Charles Delapalme leading the business from May.
Remy Cointreau meanwhile, named luxury veteran Franck Marilly as its CEO on Thursday, following the resignation of Eric Vallat after five years at the helm.
The cognac houses face steep tariffs on their exports to China, one of the liquor's major markets, as part of a trade dispute between Beijing and Brussels.
In the U.S., the other key market for cognac, President Donald Trump has threatened a 50% tariff on imports from the EU, which would compound an already deep decline in cognac sales.
(This story has been corrected to say that Alexandre Arnault is Moet Hennessy's deputy CEO, not CEO, in paragraph 6)
(Reporting by Tassilo Hummel in Paris and Emma Rumney in London; Editing by Makini Brice and Elaine Hardcastle)
Francois-Xavier Morizot, who previously headed the champagne business, will now run both the cognac and champagne divisions.
Cognac houses are dealing with steep tariffs on exports to China and potential tariffs in the U.S., contributing to a decline in sales.
All three major cognac labels have changed their leadership amid a sector-wide downturn in sales, with new appointments at Pernod Ricard, Moet-Hennessy, and Remy Cointreau.
The internal memo announcing Neusch's replacement did not provide an explanation for the leadership change.
These changes reflect the ongoing struggles within the cognac market, as companies seek new strategies to address declining sales and market challenges.
Explore more articles in the Finance category
