Diageo looks outside company for next chief financial officer

Diageo, the world's largest distiller, is looking outside of the company for its next chief financial officer and has hired executive-search firm Egon Zehnder International to review candidates, according to a source.

The role will be filled as soon as possible, yet no announcement is expected by the time Diageo reports full-year results on July 30th, said the sourc.

Current finance chief Deirdre Mahlan will take over Diageo’s North American business once a successor is found, the maker of Guinness and Smirnoff vodka said last month.

The CFO search comes as Diageo chief executive officer Ivan Menezes grapples with a slowdown in emerging markets such as China and Latin America, while its growth in North America – the company’s biggest market – has lagged behind the broader spirits category for the past three years.

Last month, Diageo’s shares surged on a report that Brazilian investment company 3G Capital was considering a takeover bid. Looking outside the company for such a senior role is a departure for Diageo, which typically has groomed top managers such as Mr Menezes and Ms Mahlan from within.

- Bloomberg