Adviser Who Became Billionaire Guiding Family’s Fortune Retires

Peter Harf, the investor who transformed the empire of a reclusive German family into a consumer-goods juggernaut over four decades, is retiring.

Harf, 78, is stepping down as chairman and managing partner of JAB Holding Co., which owns major stakes in Keurig Dr. Pepper Inc., Krispy Kreme Inc. and Panera Brands Inc., as rising inflation and trade uncertainty erode profits at major consumer brands.

Peter Harf

Photographer: Dimitrios Kambouris/Getty Images

The value of JAB’s investment portfolio fell almost 25% from December 2023 to December 2024, according to its latest annual report. Moody’s downgraded the Luxembourg-based company’s long-term debt to negative from ...