Diageo appoints ex-Bacardi CEO as chairman

Diageo has appointed Javier Ferrán – a former chief executive at Bacardi and current non-executive director at SABMiller – as a non-executive director from 22 July.

He will be appointed as chairman on 1 January 2017 on the retirement of Dr Franz Humer.

Ferrán is a partner at Lion Capital, having been a founder partner since 2005. Before that, he spent 10 years at Bacardi, latterly as president and CEO.

He is currently a non-executive director at brewer SAB Miller, Associated British Foods and Spanish fashion brand Desigual, and a member of the advisory board of Agrolimen and the ESADE Business School.

Ferrán will not seek re-election to SABMiller’s board at the annual general meeting on 21 July 2016.

Chief executive Ivan Menezes said Ferrán “brings with him a wealth of experience”.

“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.”

At 1500 BST, Diageo shares were down 1% to 1,837p.