DE Masterblenders chief executive stands down over strategy

The chief executive of coffee company DE Masterblenders has resigned following a disagreement with the rest of the board about strategy at the company, which was launched on the Amsterdam stock exchange this summer.

Michiel Herkemij will leave at the end of the year by mutual consent, the company said in a statement.
Herkemij, who joined the company a year ago, wanted to take more time to ring in the changes at the company, Nos television said. Jan Bennink, chairman of the supervisory board, will take over his function until a replacement is found.
Shortly after the IPO, it emerged the company’s Brazilian subsidiary was embroiled in a multi-million euro fraud. The company denies Herkemij’s departure is connected to this.
According to RTL news, Herkemij could be €7m better off for his year’s work at DE Masterblenders. In addition to a basic pay package of €900,000 he also had a golden hello of €1m, share options, bonuses, pension contributions and €2.25m pay-off.

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