Diageo Names Xerox's Kathryn Mikells as CFO

Diageo PLC has named Xerox Corp.'s Chief Financial Officer Kathryn Mikells as its new CFO, replacing Deirdre Mahlan.

Connecticut-based Ms. Mikells has served as Xerox's financial head since May 2013. She spent 16 years with United Airlines parent UAL Corp. including as its CFO from 2008 to 2010 and has also worked as CFO of ADT Corp. and of water treatment firm Nalco.

Ms. Mikells will begin at Diageo on Nov. 9 and will be based in London. She comes to Diageo as the company has been squeezed by a slowdown in emerging markets as well as in its key U.S. business.

Sales have slumped in China amid an anticorruption crackdown that has stymied spending on high-end spirits, while in Latin America currency fluctuations and soft demand have led to shipments being out of sync with demand.

Meanwhile in North America, Diageo has lost market share as once-blockbuster brands like Smirnoff vodka and Captain Morgan rum have floundered. Diageo in June disclosed it would move Ms. Mahlan to head its business in North America, where it has been bringing down prices through funding promotions.

"Diageo is focused on driving performance from our core and on improving productivity to drive out cost to invest in growth," said Chief Executive Ivan Menezes on Monday.

The maker of Johnnie Walker whisky has committed to expanding its operating margin by 100 basis points over three years.

The company in a statement described Ms. Mikells as having "a track record for capital discipline, for developing strong cost cultures and for creating efficient, agile organizations."

Write to Saabira Chaudhuri at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 05, 2015 10:45 ET (14:45 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.