Bacardi has announced a succession plan for the company's chairmanship. The company's board of directors said today (18 May) that Ruben Rodriguez, the current chairman, will remain in the position after the company's forthcoming annual general meeting next month and throughout a transitional period with newly-named president and chief executive officer, Andreas Gembler.

Upon completion of this transitional period, Rodriguez will retire as chairman, but remain an active member of the board of directors. The board has also indicated it intends to elect Facundo L. Bacardi, currently deputy chairman and a former vice chairman, as its new chairman.  This would be the ninth chairman in the history of the 143 year old company.

Facundo Bacardi, 38, is the great-great grandson of the company founder, Don Facundo Bacardí Massó. He has held the position of deputy chairman of the board for the past year and has been a director of Bacardi since 1993. He is also founder and president of BacardiWorks LLC, a private equity and real estate investment company in Miami.