3rd May 2024 11:54
(Alliance News) - The appointment by Diageo PLC of Nik Jhangiani as its upcoming chief financial officer is likely to be well received, an analyst on Friday said.
Shares in Diageo rose 0.9% to 2,753.50 pence in London on late Friday morning.
Brewer and distiller Diageo, which owns the Guinness, Bailey's and Johnnie Walker brands, said Jhangiani will take up his new role in autumn this year.
Diageo's current CFO, Lavanya Chandrashekar, will step down from her role and "return to the US" when Jhangiani joins the London-based company. Chandrashekar first joined in Diageo as CFO North America in 2018, and was promoted to CFO in July 2021.
Jhangiani is currently CFO at Coca-Cola Europacific, and has been since 2016.
The Uxbridge-based company, which distributes Coca-Cola products and other drinks across Europe and the Asia-Pacific region, said he "will remain in the role to ensure an orderly and effective transition" and plans to announce his successor "in the near future".
"I am delighted that Nik will be joining us," commented Diageo Chief Executive Officer Debra Crew.
"He is a highly experienced CFO with a proven global track-record of generating growth across multiple consumer businesses and industries.
Citi analyst Simon Hales said Jhangiani has "clearly demonstrated" at CCEP he has "capabilities in both day-to-day execution of the finance function but also in successful business integration, efficiency capture and people management."
"He is an excellent communicator and has a strong track record in consistent delivery. As such, his exit from CCEP is likely to be viewed as a small negative for the stock but correspondingly, we expect this news will be taken as a positive for Diageo."
By Jeremy Cutler, Alliance News reporter
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