Diageo, the renowned spirits group behind iconic brands like Tanqueray, Johnnie Walker, and Guinness, has announced the appointment of Nik Jhangiani as its new Chief Financial Officer (CFO), marking a significant change in leadership as the company aims to recover from a recent profit warning.
Jhangiani, currently serving as CFO at Coca-Cola Europacific Partners, will join Diageo’s Board and Executive Committee in Autumn 2024, succeeding Lavanya Chandrashekar, who has been in the role for three years and will be returning to the United States.
With over three decades of finance experience, including leadership roles in the UK, Europe, India, Africa, and the US, Jhangiani brings a wealth of expertise to his new position. He is praised for his proven track record of driving growth across multiple consumer businesses and industries.
Diageo CEO Debra Crew expressed gratitude for Chandrashekar’s contributions and excitement about Jhangiani’s appointment, citing his extensive experience and global mindset as valuable assets for the company’s future success.
The announcement comes in the wake of Diageo’s profit warning last year, which impacted investor confidence. Despite some easing of concerns, the company’s shares remain lower than before the warning, reflecting lingering questions around financial communication and management decisions.
Jhangiani’s appointment signals Diageo’s commitment to regaining investor trust and driving shareholder value. As the company continues to navigate challenges in the consumer environment and high inventory levels, Jhangiani’s leadership will be instrumental in executing strategic initiatives to propel Diageo forward.
With a focus on investing in its world-leading brands and maintaining its position as an industry leader in total beverage alcohol, Diageo is poised to capitalize on opportunities for growth under Jhangiani’s guidance.
As the spirits giant welcomes Jhangiani into its leadership team, all eyes are on the company’s trajectory and its ability to emerge stronger from recent setbacks, reaffirming its status as a powerhouse in the global beverage industry.