Diageo Plc appoints Nik Jhangiani as new CFO, Lavanya Chandrashekar steps down

Diageo had issued a profit warning last year that dented investor confidence.

UK based distiller Diageo plc has appointed Nik Jhangiani as the new Chief Financial Officer (CFO), replacing Lavanya Chandrashekar from the Executive Committee and the board, the company said in a statement on May 3.

Jhangiani is currently CFO at Coca-Cola Europacific Partners - world’s biggest Coca-Cola bottler - with revenue of over Euro 18 billion in 2023.

Lavanya Chandrashekar is stepping down from after three years as Chief Financial Officer and six years with Diageo Plc, and shall be returning to the US.

Diageo Plc CEO Debra Crew said she was grateful for Chandrashekar's contribution, and excited about Jhangiani coming on board. "He is a highly experienced CFO with a proven global track-record of generating growth across multiple consumer businesses and industries," she said.

Javier Ferran, Diageo Plc's Chairperson said,"I am confident that his (Nik's) record of success as a CFO in multiple relevant markets and sectors will further strengthen our long-term track record of delivering long-term sustainable returns for our shareholders."

Diageo has been staring at a slowdown in the US - its biggest market - and issued a surprise profit warning in November, stating that sales in Latin America would fall by around a fifth.

Bloomberg cited one of the RBC analyst's note, saying, the recent weak performance has “reflected questions around financial communication and some perceived missteps from senior management.”

Diageo Plc makes popular brands like Tanqueray gin, Johnnie Walker whisky, Smirnoff vodka and Guinness beer.