In May this year, JAB Holdings, the coffee giant behind Peet’s Coffee & Tea and Jacobs Douwe Egberts, took a majority stake in sandwich chain Pret a Manger. JAB Holdings forked out £1.5bn for the stake with the deal closing last week.
Now JAB has started to put its stamp on the under-fire sandwich chain with a management shake-up.
Finance chief Adam Jones was among those terminated from the board of Pret’s parent company, according to documents filed at Companies House on Tuesday.
Filings show that CFO Mr Jones, former chairman Larry Billett, HR director Andrea Wareham, co-founder Sinclair Beecham and US president Joanne Brett had all been terminated as directors from Pret a Manger parent company PAM Group Limited.
It is understood that at least some of the senior managers will continue to work for Pret, even though they will not sit on the top board. It was unclear on Tuesday evening if this was the case for all affected parties.
Pret’s chief executive Clive Schlee remains a director of the company.
Over the weekend, JAB gave its backing to Mr Schlee in the face of criticism after the death of teenager Natasha Ednan-Laperouse, who suffered an allergic reaction to one of the chain’s baguettes.
The 15-year-old collapsed on a British Airways flight from London to Nice in July 2016.
Last Friday, a coroner said there was no allergy information on the packaging of the Pret a Manger baguette to indicate it had sesame seeds in it.
Mr Schlee is reported to be in line for a windfall of more than £30m as a result of the sale to JAB, which is the investment vehicle of Germany’s wealthy Reimann family.
Partners from Pret’s previous owner Bridgepoint have also now left the company, while a host of JAB partners were installed as directors, according to the filings.
JAB chief executive Olivier Goudet was one of five new appointments.
At the time of the acquisition’s announcement, Mr Goudet said: “We look forward to working with Clive Schlee and his management team, while promoting the Pret brand and supporting Pret’s impressive culture for the next phase in the company’s growth with JAB.”