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Ricard to step down

Published:  23 July, 2008

Patrick Ricard, who heads up drinks giant Pernod Ricard has announced he will step down from his executive duties in November 2008 and has called for Pierre Pringuet to replace him.

Pringuet has been worked for Pernod for twenty years and is currently managing director but Ricard's proposal could see him becoming CEO.

Ricard hopes to remain chairman of the company after requesting that his position as both chairman and CEO be split at yesterday's general meeting.

A dividend distribution of 2.52 (an increase of 20% compared to the previous financial year) was also approved at the meeting. An interim dividend of 1.26 was paid on 4 July and the balance of 1.26 will be paid on 14 November.

In addition, the meeting decided to implement a one-for-one split of the share per value. It will thus go from a per value of 3.10 to 1.55. The company claims this will "enhance the liquidity of the Pernod Ricard share and make it more accessible to individual shareholders". It will take effect

from 15 January 2008.