Bacardi is on the look out for a new CEO, according to the Miami Herald. The drinks group is planning to split current CEO and chairman Ruben Rodriguez's role with him holding on to the chair, sources were reported as saying.

The new appointment would take on the role of chief executive and president, with responsibility for overseeing the daily operation of the company.

Rodriguez will be 65 this year. However a Bacardi spokesperson was quoted as saying: "We have a process in place that all employees know about to prepare for one day when Ruben Rodriguez retires from being CEO. He is in no hurry, and there is no timetable.''
There is an informal shareholders' meeting in January where the issue of Rodriguez's succession will be discussed.

The Herald said that an executive search company had been hired by Bacardi, however, given its track record, the appointment is more likely to come within the company's own ranks.

News of a possible change in structure of the board comes at a time when Bacardi is also apparently considering a number of ways of injecting the business with fresh capital, and shareholders, it is believed, are once more being asked to consider the possibility of an IPO.