Mahlan will join the drinks giant on 18 August, stepping into the role vacated by Nik Jhangiani when he was appointed as interim chief executive officer last month.
Jhangiani replaced former CEO Debra Crew, who left the firm with immediate effect by mutual agreement on 16 July.
With extensive spirits industry experience, Mahlan has spent 27 years at Diageo and its predecessor companies. She served as chief financial officer at Diageo from 2010 to 2015, while she most recently worked as chief executive officer and chair of The Duckhorn Portfolio ahead of its sale to Butterfly Equity.
“Deirdre brings extensive spirits and functional expertise to the Interim Chief Financial Officer role, complemented with deep knowledge of Diageo and its operations,” commented Jhangiani.
“I am delighted that she has agreed to return on an interim basis and I have full confidence that she will provide invaluable guidance to our teams, and partner with me as we deliver on our Accelerate programme to drive long term sustainable growth.”
At the time of Crew’s departure, Diageo confirmed that a comprehensive formal search was underway and would include the consideration of internal and external candidates. Crew became CEO in June 2023 and was the first woman to serve in the role.
Commenting on changes at the top of Diageo, food sector analyst Julian Wild said: “Crew had a hard act to follow after the sudden death of Ivan Menezes but took the market by surprise in late 2023 with an early profits warning. That put her on the back foot and investors have been uneasy ever since.
“A combination of an underperforming business and shareholder discontent is never a good look and Debra Crew has been on borrowed time for a while. This is quite a tough time for the drinks industry and her successor will have their work cut out.”
In addition to Guinness, Diageo owns brands such as Johnnie Walker, Baileys, Smirnoff and Captain Morgan.
