UK – Diageo, the beverage giant behind iconic brands like Guinness, Johnnie Walker, and Smirnoff, has announced a significant leadership change with the appointment of Nik Jhangiani as its new Chief Financial Officer (CFO).  

Jhangiani will be joining Diageo’s Board and Executive Committee in Autumn 2024, succeeding Lavanya Chandrashekar, who will step down after three years as CFO and six years with the company. 

Nik Jhangiani brings with him a wealth of experience in finance, particularly in the consumer and beverage industries.  

Currently serving as the CFO at Coca-Cola Europacific Partners (CCEP), the world’s largest Coca-Cola bottler, Jhangiani has been instrumental in driving financial growth and strategy for the company, which boasts revenues of over €18 billion.  

With over 30 years of finance experience, including 20 years as CFO, Jhangiani’s expertise spans various regions, including the UK, Europe, India, Africa, and the US. 

Prior to his role at CCEP, Jhangiani held positions of significant responsibility within the Coca-Cola system, including CFO and SVP at Coca-Cola Enterprises (CCE) and Group CFO at Bharti Enterprises in India. His extensive experience and global perspective make him a valuable addition to Diageo’s leadership team. 

Debra Crew, Chief Executive, Diageo said: “I am delighted that Nik will be joining us. He is a highly experienced CFO with a proven global track-record of generating growth across multiple consumer businesses and industries. Nik’s experience and international mindset will make him a strong addition to our leadership team.” 

Meanwhile, Lavanya Chandrashekar, who joined Diageo in 2018 and was appointed CFO of Diageo plc in July 2021, will be stepping down from her role.  

Chandrashekar has been pivotal in driving Diageo’s financial performance, leading to a 10.5 percent net sales value compound annual growth rate (CAGR) and significant progress in the company’s productivity agenda.  

Her contributions include exceeding the US$1.5 billion three-year productivity savings target and implementing Diageo’s £500 million supply agility program. 

Javier Ferrán, Chair of Diageo said: “I look forward to welcoming Nik to Diageo, and to the Board. I am confident that his record of success as a CFO in multiple relevant markets and sectors will further strengthen our long-term track record of delivering long-term sustainable returns for our shareholders.  

The Board also wishes to thank Lavanya warmly for her strong contributions to Diageo over the past six years. She has been instrumental in framing our long-term ambitions and driving a culture of operational excellence throughout her tenure, and we wish her well for the future.” 

 

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