UK: Diageo Initiates Search for New Chairman Amid Sales Downturn

Diageo, the parent company of Guinness, is currently seeking a new chairman to succeed Javier Ferran, who has served in the position since January 2017, Sky News reported.

This move is viewed as an effort to address a decline in sales, highlighted by a profit warning issued in November and speculation about potential sales of its beer brands (, 6.12.2023). Furthermore, Diageo recently announced intentions to halt direct supply to wholesalers failing to meet minimum order criteria.

Ferran's tenure is scheduled to conclude in October 2025, prompting the company to engage search firm Russell Reynolds Associates in the quest for his replacement.

Francisco Javier Ferrán Larraz was born in August 1956 and worked from 1979 to 1984 for Lloyds TSB, including two years as vice President of the Miami, Florida branch and from 1985 to 1992 for Martini & Rossi, where he served as Managing Director. He joined Bacardi in 1992, and served as regional president for Europe, Middle East and Africa from 1994 and as president and CEO from March 2003 to November 2004.

From 2005 to 2019he was a partner of the London-based private equity firm Lion Capital LLP before he 2019, before he joined BlackRock's private equity fund.He is also on the board of directors of Associated British Foods and Agrolimen.

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