Diageo announced today that Nik Jhangiani will join the company as CFO in autumn 2024. At the same time, he will join Diageo's Board of Directors and Executive Committee.

He will succeed Lavanya Chandrashekar, who will simultaneously step down from the Executive Committee and Board of Directors after three years as CFO and six years with the company.

Nik Jhangiani is currently CFO of Coca-Cola Europacific Partners (CCEP), the world's largest Coca-Cola bottler with sales of over €18 billion in 2023, a position he has held since 2016.

According to RBC, Diageo's weak share price performance (-25% year-on-year, -5% year-to-date) partly reflects questions around financial communication and some perceived missteps on the part of senior management.

The stock is up nearly 1% this morning.

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