E-Malt.com News article: 3227

UK: Diageo announced on September 8 changes to global Executive Committee. In its 2004 financial results announcement on 2 September 2004, Diageo said that at the start of their new financial year, and as previously indicated, they did not see any major changes in the trading environment faced. While North America continues to provide a strong trading environment for the world's leading premium drinks business, Europe remains challenging.

Following the resignation, previously announced, of Ian Meakins, formerly President of Diageo's European major markets (Great Britain, Ireland and Spain) from Diageo on 29 July 2004, Diageo plc announced on September 8 that it has created a new pan-regional organisation comprising North America, Europe and International regions.

The newly created Diageo Europe will cover all European countries and territories, including Russia. The new unit will be headed by Andrew Morgan, formerly president of Diageo's venture markets. Collectively Diageo Europe accounts for 34% of Diageo operating profit, making it the second biggest geographic region for the company after North America.

Diageo has brought together its Africa, Asia Pacific and Latin America groups of markets under one new business unit, Diageo International. This business unit, collectively accounting for 29% of the company's organic operating profit will be headed by Stuart Fletcher, formerly president of Diageo's key markets.

There is no change to the role or responsibilities of Ivan Menezes, President, Diageo North America.

Ian Meakins' role is not being directly replaced on Diageo's Executive Committee. Accordingly, his additional responsibilities for global supply and information systems, will transfer to Diageo's chief financial officer Nick Rose. This is in addition to Nick's existing responsibilities as CFO, and as a director of the company.


10 September, 2004