Diageo Appoints Javier Ferran as Chairman Starting 2017 -- Update

By Saabira Chaudhuri

Diageo PLC (DEO) has named the former chief executive of Bacardi Ltd., Javier Ferran, to be its chairman starting next year, replacing retiring Franz Humer.

His appointment comes as Diageo battles slumping sales in the U.S., its largest market, and like many other multinational companies with operations in emerging markets grapples with the impact of volatile currencies.

Mr. Ferran is a founding partner of consumer-focused U.K. private-equity firm Lion Capital, which has backed businesses like American Apparel Inc. and Jimmy Choo PLC (CHOO.LN). Prior to that he spent over 10 years at Bacardi.

He served as Bacardi's CEO for a little over a year, helping to oversee the acquisition of Grey Goose vodka, before resigning for what were described as personal, family reasons in 2004.

Mr. Ferran is a board member of SABMiller PLC (SAB.JO), the world's second-largest brewer that is being acquired by Anheuser-Busch InBev NV (BUD), and won't seek re-election at the company's annual general meeting in July.

He also serves on the board of Associated British Foods PLC (ABF.LN), which owns the retail chain Primark, and of the Barcelona-based fashion company Desigual SA.

He will become Diageo's chairman on Jan. 1 when Mr. Humer--who has been on Diageo's board for over 11 years and has been chairman since 2008--retires. Mr. Humer was initially slated to step down in June but Diageo extended his term to the end of the year.

Write to Saabira Chaudhuri at [e-mail]

(END) Dow Jones Newswires

May 18, 2016 10:01 ET (14:01 GMT)

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