By Andy Young
Diageo has announced that former Bacardi chief executive Javier Ferrán will take over as the company's chairman when Dr Franz Humer retires at the beginning of next year.
Ferrán will be appointed to the Diageo board as a non-executive director from July 22, 2016 and will be appointed chairman on January 1, 2017.
Ferrán is a partner at Lion Capital having been a founder partner since 2005. Prior to that he spent over 10 years at Bacardi, latterly as president and CEO. He is currently a non-executive director at SABMiller, Associated British Foods and Desigual, and he is also a member of the Advisory Board of Agrolimen and the ESADE Business School. Ferrán has said that he will not seek re-election to the board of SABMiller at its AGM on July 21, 2016.
“It will be a privilege to chair the Diageo Board,” Ferrán said. “The company is in a strong position with leading brands, geographic reach and financial strength. It now has a consumer facing culture and a rigorous approach to the decisions it makes. As chairman it will be my role to work with the strong executive team, led by Ivan [Menezes, CEO], to ensure that the company delivers its potential.”
Menezes added: “I am very pleased to welcome Javier to the Diageo board. He brings a wealth of experience to the role of chairman. On behalf of everyone at Diageo I want to thank Franz for the role he has played in making Diageo the strong business it is today. The appointment of someone of Javier's ability as Franz's successor is a tribute to all that Franz has contributed to Diageo.
“Diageo is executing a clear strategy with discipline in order to deliver accelerated top line growth, greater productivity and continued strong cash flow. I look forward to working with Javier as we build Diageo's leadership position and achieve our ambition.”