Diageo Appoints Nik Jhangiani as New CFO

TL;DR

Diageo gets a new CFO, Nik Jhangiani, starting soon.

AI Summary

Diageo plc announced on May 3, 2024, that Nik Jhangiani will join the company as its new Chief Financial Officer (CFO). Jhangiani will also become a member of Diageo's Executive Committee.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.

Risk Assessment

Risk Level: low — This filing is an announcement of a new executive hire, which is routine and does not present immediate financial risk.

Key Players & Entities

• Diageo plc (company) — The company making the announcement.
• Nik Jhangiani (person) — The newly appointed Chief Financial Officer.

FAQ

Key Financial Figures

• $1.5 billion — siness is on track to exceed   its $1.5 billion three-year productivity savings target
• $2.0 billion — e which will help deliver the company's $2.0 billion productivity target   from fiscal
• $10.7 b — in Group for an enterprise valuation of $10.7 billion, and conducted a strategic review

Filing Documents

• a0893n.htm (6-K) — 47KB
• 0001654954-24-005482.txt ( ) — 49KB

From the Filing

JHANGIANI TO JOIN DIAGEO AS CFO a0893n UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549   FORM 6-K   REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934   03 May 2024   Commission File Number:   001-10691   DIAGEO plc ( Translation of registrant’s name into English )   16 Great Marlborough Street, London, United Kingdom, W1F 7HS   ( Address of principal executive offices )   Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.   Form 20-F   X                                                                  Form 40-F         Diageo plc LEI: 213800ZVIELEA55JMJ32   This announcement contains inside information   Nik Jhangiani to join Diageo as Chief Financial Officer   3 May 2024, London, UK:   Diageo plc ('Diageo') today announces that Nik Jhangiani will join the company as Chief Financial Officer, taking up the position and joining Diageo's Board and Executive Committee in Autumn 2024.    Lavanya Chandrashekar will step down from the Executive Committee and Board at the same time after three years as Chief Financial Officer and six years with the company, and will return to the US.    Nik Jhangiani is currently Chief Financial Officer at Coca-Cola Europacific Partners (CCEP), the world's largest Coca-Cola bottler with revenues of over   €18 billion in 2023, a role he has held since 2016. CCEP is listed on the London Stock Exchange, NASDAQ, Euronext Amsterdam, and the Spanish Stock Exchanges.    Nik has more than 30 years of finance experience gained in roles in the UK, Europe, India, Africa and the US, including 20 years as Chief Financial Officer; and has spent most of his career in consumer and beverage industries including 20 years within the Coca-Cola system.      Prior to his current role, Nik was Chief Financial Officer and SVP at Coca-Cola Enterprises (CCE) from 2013 to 2016, having joined CCE in 2012.  From 2009 to 2012 Nik was Group Chief Financial Officer at Bharti Enterprises, one of India's leading business groups with operations in 21 countries and interests in telecoms, food, retail and real estate.    Lavanya Chandrashekar joined Diageo in 2018 as Chief Financial Officer North America and was appointed Chief Financial Officer of Diageo plc in July 2021.  Lavanya has been key to the delivery of a 10.5% net sales value CAGR and has been instrumental in accelerating Diageo's productivity agenda.  Under Lavanya's leadership, the business is on track to exceed   its $1.5 billion three-year productivity savings target by the end of fiscal 24, and has increased long term investment in capital expenditure and maturing stock by 40%+, while creating value for shareholders by growing dividends and continuing its return of capital programme.  Lavanya has also put in place Diageo's £500 million supply agility programme which will help deliver the company's $2.0 billion productivity target   from fiscal 25 to fiscal 27.    Debra Crew, Chief Executive, Diageo said:     "I am delighted that Nik will be joining us.  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.    "I am grateful to Lavanya for her leadership over the last six years and her contribution as Diageo successfully expanded our business through a global pandemic and delivered major productivity savings.  I want to thank Lavanya for being a trusted colleague and partner to me, both when we worked together in North America, and more recently as I took on the role of Chief Executive Officer.  On behalf of all Diageo colleagues, I wish her much future success as she returns to the US.    "With a strong focus on execution, we will continue to invest behind our world-leading brands to create value for shareholders and maintain our position as an industry leader in total beverage alcohol, which we strongly believe is an attractive sector with a long runway for growth."    Javier Ferrán, Chair, Diageo said:     "I look forward to welcoming Nik to Diageo, and to the Board.  I am confident that his recor

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View this 6-K filing on SEC EDGAR