The president of Vin & Sprit Absolut has announced his intention to step down from the post later this year.

Ketil Eriksen, who has held the presidency of the Swedish company for four-and-a-half years, will leave V&S Absolut, which was bought by Pernod Ricard last March, at the end of June.

Speaking to just-drinks today (1 April), a spokesperson for V&S Absolut said the timing and decision "is entirely his (Eriksen's) own".

"He decided that this was a good time," the spokesperson said. "He wanted to finalise the transition process of Absolut into Pernod Ricard. Almost a year has passed, and he feels the transition is now done and would like to focus more on his private business investments - he's not going into another operational assignment for the time being."

Eriksen's private investments do not currently include any drinks ventures, the spokesperson added. "He made some divestitures last year that went really well, so he has money to invest and now is a good time for that."

The spokesperson concluded: "Pernod Ricard regrets that Ketil is moving on. They are really thankful for what he has done with the integration and for building the Absolut business. He is a regretted loss."

Speaking exclusively to just-drinks in February, Eriksen described Vin & Sprit's transition from state-owned company to Pernod Ricard unit as "certainly a challenge for us".