Shares in Diageo dipped over 1 per cent following the appointment of its new chair
Companies Analysis: From BP to Brexit, Diageo’s new chair has CV to convince investors he will drive reform The current chair, Javier Ferrán, had an almost idyllic CV for the position, full of consumer facing brands with multiple different sub-businesses.
Disappointing Diageo Diageo, which owns Guinness, Johnnie Walker and Smirnoff, was a darling of the pandemic. Its share price rose from £30.99 in February 2020 to £40.18 in April 2022. However, it has fallen on hard times and its share price has dropped over 19 per cent in the past year to trade below pre-covid levels at £28.35.
A few week ago, Crew, who took over as chief executive for the late Ivan Menezes, painted a bullish picture for the drinks brand at the annual Consumer Analyst Group of New York. “Not only does relatively new chief executive Debra Crew have big shoes to fill, but she also needs to convince the market that recent problems in the business were just a short-term issue.New chair Against this backdrop the company is facing another leadership change as Ferrán, the current chair, is retiring in 2025. On Tuesday his replacement was named – Manzoni, a former civil servant with significant experience in the oil industry.
At the time BP said there was “no evidence that anyone acted in bad faith or violated BP's code of conduct”. In these roles Manzoni implemented a series of reforms, most notably developing the “functional model” across government to make it more efficient and preparing government for Brexit.
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