World: Diageo on the hunt for a new chairman amid slowdown in sales

Guinness owner Diageo is on the hunt for a new chairman to succeed Javier Ferran, as it attempts to reverse a slowdown in sales, the Grocery Gazette reported on February 2.

It is understood that the alcoholic beverage company has hired search firm Russell Reynolds Associates to find a successor for Ferran who’s tenure is due to expire in October 2025, Sky News reported.

Ferran has held the position since 2017, and his tenure was renewed last year for an additional three years, yet a source told the publication that the chairman could potentially step down a few months earlier.

It comes as Diageo has suffered a turbulent few months leading to the drinks giant issuing a profit warning in November and rumours that it was seeking to sell beer brands as profit hit a three-year low.

Last week, the Guinness owner announced it was set to cease direct supply to wholesalers not meeting its minimum order criteria.

02 February, 2024