Peter Harf, chairman and managing partner of European JAB Holdings, will retire after he has established the wealth of German billionaire Reimann family for more than 40 years as he creates insurance and asset management in his consumer goods portfolio in a vast investment group.
Jab announced on Monday that the 78-year-old German executive will be inherited by partner and co-directors Joachim Creus and Frank Engelen. Creus will become chairman and Engelen will serve as vice chairman.
Haff's retirement ended four decades of competition and he became one of Europe's most powerful traders.
He believes that an obscure German chemical company controlled by the Lehman family transformed an obscure German chemical company into a business with major stakes in some of the world's largest consumer brands, including Keurig Dr Pepper, Pret A Manger, Krispy Kreme and Jde Peet's.
Harf helped transfer the heirs of his strong private Lehman family to the formation of the chemical business Benckiser in 1823, becoming a billionaire.
In 2012, Haff established the investment group Jab Holdings. In addition to running the family’s wealth, including investment in consumer brands, JAB’s partners have raised funds from other wealthy families and endowments to fund more than $5 billion in transaction frenzy.
However, JAB's over-reliance on consumer-centric brands is a huge change in behavior during the pandemic and subsequent surge in inflation, which squeezes consumer spending power. JAB is actively diversifying life insurance and asset management in search of more reliable sources of income.
A spokesman for the Reimann family said Creus and Engelen “propose a compelling strategic vision to prepare for the next generation of sustainable long-term growth.”
The spokesman added that the couple has launched the company’s new life insurance division over the past year and has acquired it for the first time in the field. The Prosperity Life deal with assets under management is worth more than $3 billion.
Despite the new focus, Jab still holds a significant stake in consumer companies including Beauty Group Coty and Panera Brands, which owns bakeries and coffee shops. The JAB portfolio is worth more than $70 billion.
The company said on Monday that Haff will continue to invest “fully” in the company and continue to serve as chairman of the Alfred Landecker Foundation, a Lehman family nonprofit.
“I want to thank the Reiman family for entrusting me with a lifetime journey more than 40 years ago,” Haff said. “It’s time to bring the baton to a new generation of leadership.”