Diageo brings back ex-CFO Deirdre Mahlan to serve as interim CFO
Diageo PLC on Wednesday said it has hired back former chief financial officer Deirdre Mahlan to be interim CFO.
The London-based owner of Guinness, Baileys and Johnnie Walker whisky said Mahlan will serve as interim CFO from August 18. She was Diageo CFO from 2010 to 2015 and most recently served as interim chief executive officer & chair of Duckhorn Portfolio ahead of its sale to Butterfly Equity.
Diageo Interim CEO Nik Jhangiani said: ‘Deirdre brings extensive spirits and functional expertise to the interim chief financial officer role, complemented with deep knowledge of Diageo and its operations. 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.’
Two weeks ago, Diageo said Debra Crew had stepped down immediately as CEO by mutual agreement. Jhangiani, then CFO, took up the role of interim CEO.
Crew’s departure has been marked by a profit warning, scrapped growth targets, and a decline in Diageo’s share price since Crew had become CEO. Diageo has struggled with weaker demand post-pandemic and investor concerns over whether the downturn is cyclical or structural.
Diageo shares were up 0.1% at 1,935.00 pence each on Wednesday afternoon in London. The stock is down 20% over the past year and more than 50% in the past three years.
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