UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
14
January 2021
Commission File
Number: 001-10691
DIAGEO
plc
(Translation of registrant’s name into
English)
Lakeside
Drive, Park Royal, London NW10 7HQ
(Address of principal executive
offices)
Indicate by check
mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Form
20-F X
Form
40-F
Indicate by check
mark whether the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule
101(b)(1):
Indicate by check
mark whether the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule
101(b)(7):
Diageo
PLC – Directorate Change
Dated
14 January 2021
14 January 2021
Kathryn Mikells, Chief Financial Officer, to leave Diageo at the
end of June 2021
Lavanya Chandrashekar appointed
Chief Financial Officer, effective 1 July 2021
Today,
Diageo plc ('Diageo') has announced that Kathryn Mikells ('Kathy'),
Chief Financial Officer, will leave the company at the end of June
2021 and will return to the US after almost six years in role.
Lavanya Chandrashekar, Chief Financial Officer, Diageo North
America and Global Head of Investor Relations is appointed Chief
Financial Officer, Diageo, effective 1 July 2021.
Kathy
joined Diageo from the Xerox Corporation in November 2015 and,
after relocating to London, has overseen an exceptional period of
performance, serving on both the Diageo Executive Committee and
Diageo plc Board. Kathy has been instrumental in driving Diageo's
improved performance trajectory over the past five years and led a
substantial global productivity programme, which resulted in almost
200 basis points of operating margin expansion over a three-year
period. Kathy has played a significant leadership role in making
Diageo a consistent top-tier performer across the critical measures
of success for Diageo; namely net sales value, profit, cash and
total shareholder return.
As
part of orderly succession planning, Lavanya Chandrashekar is
appointed Chief Financial Officer, Diageo, effective 1 July 2021
and will join the Diageo Executive Committee and Board. Lavanya
joined Diageo in July 2018 as Chief Financial Officer, Diageo North
America. In this role, she has partnered to drive the acceleration
of growth in Diageo's North American business and, subsequently,
has taken on accountability for Investor Relations
globally.
Lavanya previously spent four and a half years at
Mondelēz International in various senior finance positions in North
America, Eastern Europe, Middle East and Africa. Latterly, as VP
Finance, Global Cost Leadership and Supply Chain, Lavanya led an
end-to-end global productivity programme that delivered strong
operating margin improvement. Prior to Mondelēz International,
Lavanya spent 18 years at Procter & Gamble in senior finance
positions in India, Asia, Europe and North
America.
Kathy
and Lavanya will undertake a full handover prior to their
transitions at the end of June 2021.
Ivan Menezes, Chief Executive,
Diageo, commented: "I am
immensely grateful for the leadership role Kathy has played in
making Diageo a consistent top-tier performer. She has made a
significant contribution to Diageo's improved performance
trajectory, including her leadership of a substantial global
productivity programme and her critical role in active management
of our brand portfolio through our acquisition and disposal
activities. I want to thank Kathy for being a terrific and
committed business partner and colleague to me and wish her every
continued success in the next chapter of her career. I am delighted
that Lavanya will take up the role of Chief Financial Officer. She
brings a breadth of international experience, has an exceptional
grasp of consumer products value creation and world class
experience of effective cost management. I am confident she will be
a huge asset to the Diageo Executive team and Board when she joins
on 1 July."
Javier Ferrán, Chairman, Diageo
plc, commented: "I wish to
sincerely thank Kathy for her dedicated contribution to Diageo over
the past five years and her exceptional partnership with the Board.
She has played a significant role in enhancing Diageo's reputation
with key stakeholders and has improved the discipline of Diageo's
capital allocation policy, whilst also returning value to
shareholders. The Board is delighted that there is a strong
internal successor in Lavanya Chandrashekar, enabling a smooth
transition when Kathy departs at the end of June. Lavanya's strong
track record at Diageo, and previously with leading CPG companies,
will ensure she makes a valuable contribution as we continue to
make progress on our ambition to become one of the most trusted and
respected consumer products companies in the
world."
In
accordance with Listing Rule 9.6.15, Diageo confirms that there are
no further details to be disclosed pursuant to Listing Rule
9.6.13.
ENDS
For
further information please contact:
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Investor
relations:
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Lucinda
Baker
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+44
(0) 7974 375550
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investor.relations@diageo.com
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Media
relations:
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Jessica
Rouleau
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+44
(0)7925 642 561
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Dominic
Redfearn
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+44
(0)7971 977 759
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press@diageo.com
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About Diageo
Diageo
is a global leader in beverage alcohol with an outstanding
collection of brands across spirits and beer categories. These
brands include Johnnie Walker, Crown Royal, J&B, Buchanan's and
Windsor whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain
Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo
is a global company, and our products are sold in more than 180
countries around the world. The company is listed on both the
London Stock Exchange (DGE) and the New York Stock Exchange
(DEO). For more information about Diageo, our people, our
brands, and performance, visit us at www.diageo.com. Visit Diageo's
global responsible drinking resource, www.DRINKiQ.com, for
information, initiatives, and ways to share best
practice.
Celebrating life, every day, everywhere.
Diageo plc
LEI: 213800ZVIELEA55JMJ32
Supplementary Information:
Kathryn
Mikells ('Kathy') will be treated in accordance with Diageo plc's
('the Company') approved remuneration policy and her service
contract, remaining eligible for salary, benefits and bonus until
the date she leaves the Company.
Kathy's
service contract provides for a twelve-month notice period. As part
of our orderly succession plan, notice commenced on 13 January 2021
and she will remain an employee and director of the Company until
30 June 2021. On ceasing employment and subject to mitigation,
Kathy will receive a payment in lieu of notice in respect of salary
and benefits for the remainder of her notice period.
All
Long-Term Incentive Plan (LTIP) awards which are unvested at the
point that Kathy leaves the Company will be pro-rated to the date
of leaving and will remain subject to performance conditions to be
assessed in 2021, 2022 and 2023 with a subsequent two-year holding
period. Upon leaving at the end of June 2021, Kathy will be subject
to a post-employment shareholding requirement of 400% of salary to
June 2022 and 200% of salary for the twelve months
thereafter. At the current time, Kathy holds shares
equivalent to over 800% of salary.
Costs
relating to Kathy's repatriation to the US will be provided in line
with internal policies and will be reported in the 2021 Directors'
Remuneration Report.
Full
details of Lavanya's remuneration will be included in the 2021
Directors' Remuneration Report, following her appointment to the
Board on 1 July 2021. Her remuneration package will
include:
● Annual
salary of US$975,000
● Provisions
relating to Lavanya's annual incentive plan opportunity, bonus
deferral, long term incentive plan opportunity and shareholding
requirement as an Executive Director are all in accordance with
Diageo's 2020 remuneration policy, as approved by
shareholders
● Lavanya
will be entitled to a pension contribution of 14 per cent of base
salary, in line with the maximum pension contribution level for new
employees to the UK workforce
● As
Lavanya will be relocating from the US to the UK, relocation
support will be provided in line with internal policies. Costs
associated with this support will be reported in future Directors'
Remuneration Reports
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Diageo plc
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(Registrant)
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Date:
14 January 2021
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By:___/s/ James
Edmunds
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James
Edmunds
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Deputy
Company Secretary
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Diageo (NYSE:DEO)
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