Guinness manufacturer Diageo has announced that its chief financial officer, Kathryn Mikells, will leave the company at the end of June of this year after almost six years in role.
Mikells's replacement will be Lavanya Chandrashekar, who is currently Diageo North America's chief financial officer and Diageo's global head of investor relations.
Chandrashekar will take over Mikell's role on July 1, and will also join the Diageo executive committee and board.
"Immensely Grateful"
Diageo chief executive Ivan Menezes stated, "I am immensely grateful for the leadership role Kathy has played in making Diageo a consistent top-tier performer. She has made a significant contribution to Diageo's improved performance trajectory, including her leadership of a substantial global productivity programme and her critical role in active management of our brand portfolio through our acquisition and disposal activities. I want to thank Kathy for being a terrific and committed business partner and colleague to me and wish her every continued success in the next chapter of her career. I am delighted that Lavanya will take up the role of chief financial officer. She brings a breadth of international experience, has an exceptional grasp of consumer products value creation and world class experience of effective cost management. I am confident she will be a huge asset to the Diageo executive team and board when she joins on 1 July."
"Dedicated Contribution" And "Exceptional Partnership"
Meanwhile, Diageo chairman Javier Ferrán commented, "I wish to sincerely thank Kathy for her dedicated contribution to Diageo over the past five years and her exceptional partnership with the board. She has played a significant role in enhancing Diageo's reputation with key stakeholders and has improved the discipline of Diageo's capital allocation policy, whilst also returning value to shareholders. The board is delighted that there is a strong internal successor in Lavanya Chandrashekar, enabling a smooth transition when Kathy departs at the end of June. Lavanya's strong track record at Diageo, and previously with leading CPG companies, will ensure she makes a valuable contribution as we continue to make progress on our ambition to become one of the most trusted and respected consumer products companies in the world."
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