(Sharecast News) - Drinks giant Diageo has reportedly kicked off the search for a new chairman as it grapples with a sharp slowdown in sales in key growth markets.
According to Sky News, Diageo is working with Russell Reynolds Associates, the search firm, to identify a successor to Javier Ferran.
Ferran, who also chairs BA and Iberia owner IAG, has chaired the Guinness-to-Johnnie Walker maker since 2017.
His tenure was renewed last year for a further three-year term which expires in October 2025, although a source close to the process told Sky it was conceivable that he could step down a few months either side of that date depending upon the progress of the search.
Sky said there was no suggestion at this stage that investors are unhappy with the company's leadership, although chief executive Debra Crew will be under pressure to demonstrate that she has exerted a grip on its problems during the course of this year.
Crew took over as CEO in June following the death of predecessor Sir Ivan Menezes.
Diageo (DGE)
