Diageo CFO Kathryn Mikells To Leave At June End
Diageo plc has announced that its finance chief Kathryn Mikells will leave the company at the end of June 2021 after almost six years in the role.
Mikells joined Diageo from the Xerox Corporation in November 2015.
She relocated to London and served on both the Diageo executive committee and Diageo plc board.
Improved Performance Trajectory
She was instrumental in driving Diageo's 'improved performance trajectory' over the past five years, the spirits giant said.
She led a substantial global productivity programme, which resulted in almost 200 basis points of operating margin expansion over a three-year period.
Under her leadership, Diageo emerged as a consistent top-tier performer across the critical measures of success, namely net sales value, profit, cash and total shareholder return.
Chief executive officer of Diageo, Ivan Menezes, commented, "I am immensely grateful for the leadership role Kathy [Mikells] has played in making Diageo a consistent top-tier performer.
"She has made a significant contribution to Diageo's improved performance trajectory, including her leadership of a substantial global productivity programme and her critical role in active management of our brand portfolio through our acquisition and disposal activities."
The company has named chief financial officer of Diageo North America and global head of investor relations Lavanya Chandrashekar as the new CFO, effective 1 July 2021.
She will also join the Diageo executive committee and board.
Chandrashekar is an experienced professional who spent four and a half years at Mondelēz International in various senior finance positions in North America, Eastern Europe, Middle East and Africa.
Later, as VP of finance, global cost leadership and supply chain, she led an end-to-end global productivity programme that delivered strong operating margin improvement.
Before joining Mondelēz International, she spent 18 years at Procter & Gamble in senior finance positions in India, Asia, Europe and North America.
'Strong Internal Successor'
Javier Ferrán, chairman of Diageo plc, said, "The board is delighted that there is a strong internal successor in Lavanya Chandrashekar, enabling a smooth transition when Kathy [Mikells] departs at the end of June.
"Lavanya [Chandrashekar]'s strong track record at Diageo, and previously with leading CPG companies, will ensure she makes a valuable contribution as we continue to make progress on our ambition to become one of the most trusted and respected consumer products companies in the world."
Mikells and Chandrashekar will undertake a full handover before their transitions at the end of June 2021, Diageo added.