Ex-Diageo CFO Deirdre Mahlan is to return to the position on an interim basis next month.
The Casamigos Tequila owner today (30 July) named Mahlan interim CFO from 18 August.
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Mahlan, who spent five years as Diageo’s CFO in the 2010s, is taking on the role in the wake of Nik Jhangiani becoming the group’s interim CEO earlier this month. Jhangiani is at the helm after former Diageo chief executive Debra Crew left the business “by mutual agreement” two weeks ago.
“Deirdre brings extensive spirits and functional expertise to the interim chief financial officer role, complemented with deep knowledge of Diageo and its operations,” Jhangiani said in a statement.
Mahlan was Diageo’s CFO from 2010 to 2015. She spent 27 years working at the Guinness brewer.
Her most recent executive role was at US wine group The Duckhorn Portfolio. She was named the Decoy owner’s interim president and CEO in 2023 before being hired on a permanent basis eight months later.
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By GlobalDataIn October last year, The Duckhorn Portfolio was sold to US private-equity firm Butterfly Equity, who named ex-Constellation Brands executive Robert Hanson its new asset’s CEO in January.
Crew was appointed Diageo chief executive in June 2023, moving up from the position of COO. In November that year, Diageo issued a profit warning amid pressure on its business in Latin America.
In the 12 months to the end of June, Diageo saw its net sales fall 1.4% and dip 0.6% organically. Reported operating profit grew 8.2%, although the problems in Latin America meant organic operating profit declined.
In February, Diageo, in a move similar to other major distillers, pulled its medium-term guidance, citing “macroeconomic and geopolitical uncertainty”. The change came alongside a set of half-year numbers that included a 0.6% decrease in net sales, although they inched up 1% organically. Operating profit declined, however.
May saw the Johnnie Walker maker announce it was looking to save around $500m in costs over the next three years as part of efforts to become more “agile” and “resilient”.
Diageo said the move would help the company invest in “future growth” and improve its “operating leverage”.
Jhangiani, who joined the company from Coca-Cola Europacific Partners in September, said at the time the group could make “substantial changes” to its product portfolio in the form of asset disposals.
During Crew’s tenure, Diageo has offloaded assets including rum brands Cacique and Pampero and Safari liqueur. The group has also sold assets in Africa, although last October it reportedly called off the sale of its Pimm’s gin-based liqueur after failing to secure an agreement with potential buyers.
The business said the cuts were part of a broader initiative – dubbed ‘Accelerate’ – that will see “a shift in how we do business”, including developing a “more agile global operating model”.
Diageo is due to report its next set of annual financial results on 5 August.
