Diageo announces Nik Jhangiani as new CFO, succeeding Lavanya Chandrashekar in Autumn 2024

Diageo plc, a global leader in beverage alcohol, announced that Nik Jhangiani will take over as the new Chief Financial Officer in Autumn 2024, succeeding Lavanya Chandrashekar, who will step down after three years in the role and return to the United States. Jhangiani will also join Diageo’s Board and Executive Committee.

Key Points:

1. Nik Jhangiani is currently the Chief Financial Officer of Coca-Cola Europacific Partners (CCEP) and will bring his extensive 30-year financial experience to Diageo.

2. Lavanya Chandrashekar played a significant role in achieving a 10.5% net sales CAGR and spearheading Diageo’s $1.5 billion productivity savings target.

Diageo plc appoints Nik Jhangiani as Chief Financial Officer, replacing Lavanya Chandrashekar in Autumn 2024.

Jhangiani’s Financial Expertise:

As Chief Financial Officer at Coca-Cola Europacific Partners (CCEP), Jhangiani oversaw financial operations for the world’s largest Coca-Cola bottler. His 30 years in finance include roles across the UK, India, and the US. He has also held various executive positions within Coca-Cola Enterprises (CCE) and Bharti Enterprises. He is expected to bring a strong international perspective to Diageo’s leadership team.

Outgoing CFO’s Achievements:

Lavanya Chandrashekar joined Diageo in 2018, initially as CFO of North America, before stepping into the global CFO role in 2021. During her tenure, she oversaw the acceleration of Diageo’s productivity agenda and the creation of a £500 million supply agility program, ensuring the company is on track to exceed its $1.5 billion three-year productivity savings goal.

Executive Leadership Comments:

Diageo’s Chief Executive Officer, Debra Crew, expressed her gratitude to Lavanya, stating, “She has been instrumental in framing our long-term ambitions and driving a culture of operational excellence.” Crew also welcomed Jhangiani, noting, “Nik will be a strong addition to our leadership team, bringing a proven global track record.”

Javier Ferrán, Diageo’s Chair, praised Jhangiani’s extensive financial leadership and believes that his expertise will continue to enhance Diageo’s sustainable long-term returns for shareholders.

Jhangiani expressed his excitement about joining Diageo, “I have long admired Diageo and look forward to working with my new colleagues to drive value for shareholders.”

Chandrashekar, reflecting on her tenure, added, “I am proud to have overseen a strong period of growth for Diageo, and to have embedded a culture of productivity and efficiency.”

Diageo plc ensures that the transition will be smooth and aims to continue its strong focus on executing its world-leading brand investment strategy.