Diageo PLC Announces Nik Jhangiani to Join Diageo as CFO

This announcement contains inside information

LONDON, UK / ACCESSWIRE / May 3, 2024 / 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.