Diageo drafts in former head of civil service Sir John Manzoni as new chair
This comes as Diageo, which makes drinks such as Guinness and Pimm's, has seen its share price drop in the last year, in part due to the pressure of rising energy costs.
Drinks maker Diageo has brought in a former senior civil servant and BP executive as its new chair.
The business leader will take over from Javier Ferrán when he retires in February of next year.
Manzoni has been on its board since October 2020 and was formerly the chief executive of the civil service from 2014 to 2020. He is also the chair of the FTSE firm SSE.
This comes as Diageo, which makes drinks such as Guinness and Pimm’s, has seen its share price drop in the last year, in part due to the pressure of rising energy costs.
In January, it reported its growth had slipped in every region across the world, dragging profits sharply southward. The company has however heralded the rise of non-alcoholic drinks, including zero alcohol Guinness, through what it calls ‘Guinn-fliuncers.’
Last month it was reported the company is mulling the sale of three non-core brands, including summer time favourite Pimm’s.
Sir John Manzoni said: “Since joining the Board, I have been continually impressed by the growth potential of the organisation, the quality of our brands, and the dedication and high standards of Diageo colleagues around the world. Diageo has an unrivalled portfolio, a global footprint and world-leading capabilities, and I look forward to supporting the executive team to ensure that we deliver on our potential.”
Ferrán said: “It has been a true privilege to lead Diageo’s Board during a period in which we have achieved significant growth, reshaped our portfolio and geographic footprint, and navigated widespread global volatility. I look forward to working with John, the Board and all my Diageo colleagues to ensure a smooth transition over the coming months.”
Its chief, Debra Crew, said “with a strong focus on execution, we will continue to invest behind our iconic brands to create value for shareholders and maintain our position as an industry leader in total beverage alcohol, an attractive sector with a long runway for growth. I look forward to working with John as Chair and the rest of the Board to achieve those ambitions.”
During his time at BP, Manzoni was chief for marketing and refining at the time of the 2005 Texas City refinery explosion which killed 15 people. He was cleared of “serious neglect or intentional misconduct”.
