Spirits giant Bacardi will have a new CEO by 2018.
The company announced tha current chief exec Michael J. Dolan will be replaced by Mahesh Madhavan in a yearlong handover to become effective on April 1, 2018.
Dolan will remain on the board of directors until 2019, when he will retire from the company.
Bacardi Limited, which is the world’s largest privately held spirits company, today announced its leadership succession plan.
Mahesh Madhavan will step into the role after 20 years with the company.
He is currently part of the company’s global leadership team and regional president of Asia, Middle East & Africa.
Madhavan will now transition to a new role as regional president of Europe for much of 2017.
Today the company said they had been in talks for three years to “ensure an orderly transition of leadership”.
Facundo L. Bacardi, chairman of the board of Bacardi Limited, said: “With a proud history that dates back 155 years, it is critical to us to advance our goals as a company in a manner consistent with our culture.”
He added: “We have great confidence in Mahesh and his vision to lead Bacardi well into the future, providing continuity of leadership to build on our success during Mike’s tenure and capitalise on the momentum of our brands and the tremendous global opportunity in both developed and emerging markets.”
Bacardi also announced that Paolo Perego, currently regional president of Europe, BMBV, will be leaving the company.
Alex Ouziel, VP and managing director of Eastern Europe, has been promoted to take Madhavan’s place as regional president of Asia, Middle East & Africa.
Oksana Pevtsova has been promoted to VP and managing director of Eastern Europe, replacing Ouziel.