Nik Jhangiani, the current Chief Financial Officer at Coca-Cola Europacific Partners, has been announced as the incoming finance chief at Diageo, scheduled to commence later this year. Jhangiani will succeed Lavanya Chandrashekar, who has served as Diageo’s CFO since July 2021 but is intending to return to the United States.
The timing of Jhangiani’s transition to Diageo is significant as the beverage conglomerate grapples with a decrease in revenue. In the latter part of 2023, Diageo experienced a 1.4% decline in revenue to £8.6 billion, attributed to challenges such as unfavourable exchange rates and reduced demand in regions such as Latin America and the Caribbean.
Jhangiani’s arrival is viewed as a strategic move for Diageo, which is confronted with the task of rejuvenating sales, particularly in its North American market. The company’s profits for the first half of the year declined by 11%, dropping to £2.6 billion. Despite these setbacks, Debra Crew, Diageo’s CEO, maintains a positive outlook for the future, foreseeing improved sales and profits in the second half of the financial year.
Having accumulated eight years of experience at Coca-Cola Europacific Partners, with a turnover of over €18 billion last year, Jhangiani brings a wealth of expertise to Diageo. He has held senior positions within the Coca-Cola system for two decades, including at major bottlers such as Hellenic Bottling Company. His proficiency in driving growth across a variety of consumer businesses and industries makes him a valuable addition to Diageo’s leadership team.
Anticipating his new role at Diageo, Jhangiani expressed his enthusiasm, acknowledging the company’s status as one of the world’s most reputable and trusted consumer businesses. He is eager to collaborate with his new colleagues to create value for Diageo’s shareholders and contribute to the company’s illustrious brand-building legacy.
As Diageo prepares to welcome its new finance chief, there is optimism that Jhangiani’s appointment will bring about positive changes, steering the company towards renewed growth. The beverage giant’s shares experienced a 1.1% increase on Friday morning, reflecting a sense of confidence and anticipation surrounding this imminent transition.