French oil giant Total SA has named Patrick Pouyanné, head of the company’s Refining & Chemicals unit, as its new CEO following the unexpected death of Christophe de Margerie. De Margerie was killed this month in a plane crash in Moscow. In addition to Pouyanné’s appointment, former Total CEO Thierry Desmarest was named chairman. Desmarest will remain in the post until late 2015, when the chairman and CEO role will be combined.
October 20, 2014
Wake up and smell the revenue growth! In an update last week, D&B Editor Catherine Colbert reported on the rising sales at coffee roaster and packager Farmer Bros. The company — which sells primarily to restaurants, hotels, and other institutional clients — has witnessed a revenue jump of nearly 170% over the last 10 years, including solid growth in fiscal 2014 (current revenue: $528 million). Building upon its strong foundation in roast and ground coffees, Farmer Bros. added a line of premium teas in 2013 and launched a line of ready-to-drink iced coffees in 2014. Follow Catherine on Twitter.
October 20, 2014
The price of arabica coffee beans climbed to a 32-month high in October 2014, continuing an upward trend that has driven up costs for coffee roasters, retailers, and consumers for much of the year. Brazil, which produces about one-third of the world’s coffee, suffered an extended spring drought that is expected to shrink the country’s coffee output by almost 10 percent for the 2014-15 harvest, according to the International Coffee Organization. Starbucks, JM Smucker, Kraft Foods, and other major roasters increased their prices over the summer following a jump in coffee futures, Bloomberg Businessweek reports. Brazil’s National Coffee Council has expressed concern that unseasonal rains interspersed with dry periods could further damage coffee trees, extending the production shortfall into 2016.