Diageo replaces CFO after three years

Drinks group Diageo has announced that it is replacing its chief financial officer with the head of finance from Coca-Cola Europacific Partners, as it says goodbye to Lavanya Chandrashekar after three years on the board.

The Guinness, Johnnie Walker and Baileys maker didn't give any reason for the shake-up.

Nik Jhangiani, currently CFO off the world's largest Coca-Cola bottler handling revenues of more than €18bn, will be joining Diageo's board in the autumn.

He has held CFO positions over the past 20 years and has spent most of his career in consumer and beverage industries, Diageo said.

"I am delighted that Nik will be joining us," said chief executive Debra Crew.

"He is a highly experienced CFO with a proven global track-record of generating growth across multiple consumer businesses and industries. Nik's experience and international mindset will make him a strong addition to our leadership team."

The stock was up 1.6% at 2,772p in early deals on Friday. Shares have fallen by around 15% over the past six months after Diageo issued a profit warning due to a substantial slowdown in sales in the Latin America and the Caribbean.