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(Sharecast News) - Diageo has announced that non-executive director and former Cabinet Office official Sir John Manzoni will step in as its new chair when Javier Ferrán retires from the head of the board next year.
Manzoni joined Diageo four years ago, after working as the chief executive of the UK Civil Service and permanent secretary for the Cabinet Office until 2020, but holds more than 30 years' experience in the private sector, having served on the boards for SSE, KBR, SAB Miller and BP. He was also president and chief executive of Canadian oil firm Talisman Energy.
Ferrán, who joined Diageo's board in 2016 and has been chair since 2017, will retire in February 2025.
"[Ferrán] has led our board with great distinction, helping us to attain new levels of commercial success and to strengthen our position as one of the most trusted and respected consumer products companies in the world," said Susan Kilsby, senior independent director who led the appointment process.
"We are proud of the progress Diageo has made under his stewardship, achieving average annual total shareholder returns of 8% over the last decade, and driving diversity throughout our organisation, with over 70% of the board and 44% of our senior leadership now comprised of women."
Commenting on his appointment, Manzoni said: "Diageo has an unrivalled portfolio, a global footprint and world-leading capabilities, and I look forward to supporting the executive team to ensure that we deliver on our potential."
