Diageo names new CFO from Coca-Cola Europacific Partners

By William Dodds

- Last updated on GMT

Jhangiani (left) will replace Chandrashekar in the autumn of 2024. Credit: Diageo
Jhangiani (left) will replace Chandrashekar in the autumn of 2024. Credit: Diageo

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Global drinks manufacturer Diageo has confirmed the appointment of Nik Jhangiani as its new chief financial officer.

Jhangiani will take up the role in the autumn of 2024 to coincide with the departure of incumbent Lavanya Chandrashekar, who will return to the US after three years in the role and six years with Diageo.

In addition to acting as CFO, Jhangiani will also join the Diageo board of directors.

Since 2016 Jhangiani has served as the chief financial officer at Coca-Cola Europacific Partners (CCEP), the world’s largest Coca-Cola bottler.

Overall, he possesses more than 30 years of experience in finance roles across the UK, Europe, India, Africa and the US, including 20 years as a chief financial officer.

Prior to his current role, Jhangiani operated as chief financial officer and SVP at Coca-Cola Enterprises from 2013 to 2016, having joined CCE in 2012.

Meanwhile, the departing Chandrashekar joined Diageo in 2018 as the chief financial officer for North America and was appointed to her current position in July 2021, during which time she has been key to the delivery of a 10.5% net sales value CAGR.

Commenting on the announcement, Diageo chief executive Debra Crew described Jhangiani as a 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,”​ Crew continued.

“I am grateful to Lavanya for her leadership over the last six years and her contribution as Diageo successfully expanded our business through a global pandemic and delivered major productivity savings. I want to thank Lavanya for being a trusted colleague and partner to me, both when we worked together in North America, and more recently as I took on the role of CEO.”

On her departure from Diageo, Chandrashekar commented: “I am proud to have overseen a strong period of growth for Diageo, and to have embedded a culture of productivity and efficiency which will set the business up for long-term success.”

Finally, Jhangiani said that Diageo was a business he has long admired and one of the most trusted in the world with consumers.

“I look forward to working with my new colleagues to drive value for Diageo’s shareholders, and to support the company’s strong track record of building and sustaining exceptional brands,”​ he concluded.

In other news, UK beer manufacturer Greene King has announced plans to invest £40m into the development of a “state-of-the-art” brewery in Bury St Edmunds, Suffolk.

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