TIDMDGE
RNS Number : 7416L
Diageo PLC
14 January 2021
14 January 2021
Kathryn Mikells, Chief Financial Officer, to leave Diageo at the
end of June 2021
-- Lavanya Chandrashekar appointed Chief Financial Officer, effective 1 July 2021
Today, Diageo plc ('Diageo') has announced that Kathryn Mikells
('Kathy'), Chief Financial Officer, will leave the company at the
end of June 2021 and will return to the US after almost six years
in role. Lavanya Chandrashekar, Chief Financial Officer, Diageo
North America and Global Head of Investor Relations is appointed
Chief Financial Officer, Diageo, effective 1 July 2021.
Kathy joined Diageo from the Xerox Corporation in November 2015
and, after relocating to London, has overseen an exceptional period
of performance, serving on both the Diageo Executive Committee and
Diageo plc Board. Kathy has been instrumental in driving Diageo's
improved performance trajectory over the past five years and led a
substantial global productivity programme, which resulted in almost
200 basis points of operating margin expansion over a three-year
period. Kathy has played a significant leadership role in making
Diageo a consistent top-tier performer across the critical measures
of success for Diageo; namely net sales value, profit, cash and
total shareholder return.
As part of orderly succession planning, Lavanya Chandrashekar is
appointed Chief Financial Officer, Diageo, effective 1 July 2021
and will join the Diageo Executive Committee and Board. Lavanya
joined Diageo in July 2018 as Chief Financial Officer, Diageo North
America. In this role, she has partnered to drive the acceleration
of growth in Diageo's North American business and, subsequently,
has taken on accountability for Investor Relations globally.
Lavanya previously spent four and a half years at Mondelēz
International in various senior finance positions in North America,
Eastern Europe, Middle East and Africa. Latterly, as VP Finance,
Global Cost Leadership and Supply Chain, Lavanya led an end-to-end
global productivity programme that delivered strong operating
margin improvement. Prior to Mondelēz International, Lavanya spent
18 years at Procter & Gamble in senior finance positions in
India, Asia, Europe and North America.
Kathy and Lavanya will undertake a full handover prior to their
transitions at the end of June 2021.
Ivan Menezes, Chief Executive, Diageo, commented: "I am
immensely grateful for the leadership role Kathy 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. I want to thank Kathy for being a terrific and
committed business partner and colleague to me and wish her every
continued success in the next chapter of her career. I am delighted
that Lavanya will take up the role of Chief Financial Officer. She
brings a breadth of international experience, has an exceptional
grasp of consumer products value creation and world class
experience of effective cost management. I am confident she will be
a huge asset to the Diageo Executive team and Board when she joins
on 1 July."
Javier Ferrán, Chairman, Diageo plc, commented: "I wish to
sincerely thank Kathy for her dedicated contribution to Diageo over
the past five years and her exceptional partnership with the Board.
She has played a significant role in enhancing Diageo's reputation
with key stakeholders and has improved the discipline of Diageo's
capital allocation policy, whilst also returning value to
shareholders. The Board is delighted that there is a strong
internal successor in Lavanya Chandrashekar, enabling a smooth
transition when Kathy departs at the end of June. Lavanya'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."
In accordance with Listing Rule 9.6.15, Diageo confirms that
there are no further details to be disclosed pursuant to Listing
Rule 9.6.13.
ENDS
For further information please contact:
Investor relations:
Lucinda Baker +44 (0) 7974 375550
investor.relations@diageo.com
Media relations:
Jessica Rouleau +44 (0)7925 642 561
Dominic Redfearn +44 (0)7971 977 759
press@diageo.com
About Diageo
Diageo is a global leader in beverage alcohol with an
outstanding collection of brands across spirits and beer
categories. These brands include Johnnie Walker, Crown Royal,
J&B, Buchanan's and Windsor whiskies, Smirnoff, Cîroc and Ketel
One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and
Guinness.
Diageo is a global company, and our products are sold in more
than 180 countries around the world. The company is listed on both
the London Stock Exchange (DGE) and the New York Stock Exchange
(DEO). For more information about Diageo, our people, our brands,
and performance, visit us at www.diageo.com. Visit Diageo's global
responsible drinking resource, www.DRINKiQ.com, for information,
initiatives, and ways to share best practice.
Celebrating life, every day, everywhere.
Diageo plc
LEI: 213800ZVIELEA55JMJ32
Supplementary Information:
Kathryn Mikells ('Kathy') will be treated in accordance with
Diageo plc's ('the Company') approved remuneration policy and her
service contract, remaining eligible for salary, benefits and bonus
until the date she leaves the Company.
Kathy's service contract provides for a twelve-month notice
period. As part of our orderly succession plan, notice commenced on
13 January 2021 and she will remain an employee and director of the
Company until 30 June 2021. On ceasing employment and subject to
mitigation, Kathy will receive a payment in lieu of notice in
respect of salary and benefits for the remainder of her notice
period.
All Long-Term Incentive Plan (LTIP) awards which are unvested at
the point that Kathy leaves the Company will be pro-rated to the
date of leaving and will remain subject to performance conditions
to be assessed in 2021, 2022 and 2023 with a subsequent two-year
holding period. Upon leaving at the end of June 2021, Kathy will be
subject to a post-employment shareholding requirement of 400% of
salary to June 2022 and 200% of salary for the twelve months
thereafter. At the current time, Kathy holds shares equivalent to
over 800% of salary.
Costs relating to Kathy's repatriation to the US will be
provided in line with internal policies and will be reported in the
2021 Directors' Remuneration Report.
Full details of Lavanya's remuneration will be included in the
2021 Directors' Remuneration Report, following her appointment to
the Board on 1 July 2021. Her remuneration package will
include:
-- Annual salary of US$975,000
-- Provisions relating to Lavanya's annual incentive plan
opportunity, bonus deferral, long term incentive plan opportunity
and shareholding requirement as an Executive Director are all in
accordance with Diageo's 2020 remuneration policy, as approved by
shareholders
-- Lavanya will be entitled to a pension contribution of 14 per
cent of base salary, in line with the maximum pension contribution
level for new employees to the UK workforce
-- As Lavanya will be relocating from the US to the UK,
relocation support will be provided in line with internal policies.
Costs associated with this support will be reported in future
Directors' Remuneration Reports
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END
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