Bacardi Limited, the world’s largest privately held spirits company, today announced its next CEO.
Mahesh Madhavan, a 20-year Bacardi veteran who is currently a member of the company’s Global Leadership Team and Regional President of Asia, Middle East & Africa, will succeed Michael J. Dolan, who will retire as Chief Executive Officer, effective April 1, 2018.
In the interim, Dolan will continue as CEO, while Madhavan will transition to a new role as Regional President of Europe for much of 2017.
Dolan will continue to serve on the Bacardi Limited Board of Directors until the 2019 Annual General Meeting, when he will retire from the company.
Facundo L. Bacardi, Chairman of the Board of Bacardi Limited, said in a press release: “On behalf of the Board, we are delighted to name Mahesh as the next CEO of Bacardi Limited. For almost three years, the Board has conducted a rigorous succession planning process to ensure an orderly transition of leadership.”
“As a long-time Bacardi executive, Mahesh has the ideal mix of leadership skills, commercial, operational and financial expertise, and global brands experience,” Bacardi added. “Importantly, he fully embraces our culture, history, and values, and he is an exemplary leader of people. 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 capitalize on the momentum of our brands and the tremendous global opportunity in both developed and emerging markets.”
Dolan has worked with Bacardi since 2009, when he joined the Board of Directors. “Our team is proud of the work we’ve done to strengthen the financial position of the company and improve the topline through a sharp focus on enhancing the equity of our core brands,” he said in a press release. We’re delivering cost savings and reinvesting those savings in incremental advertising and promotion activities designed to captivate a new generation of consumers.”
“As importantly, we have stabilized our leadership team and created robust development programs to build a deep bench of global talent,” Dolan added. “I have no doubt that with his long tenure, tremendous leadership qualities, and global perspective, Mahesh will continue to drive growth and brand momentum while nurturing our culture and our people. I look forward to partnering with him as he prepares to assume his new responsibilities.”
During Madhavan’s tenure, he has held leading roles within various emerging markets including Managing Director of India, Managing Director for Thailand and the Philippines, and Managing Director of South Asia and Southeast Asia. He has also led the company’s Emerging Market Council.
Madhavan will immediately assume the role of Regional President of Europe, BMBV, and will be based in Geneva until he assumes the CEO role, at which time he is expected to move to the company’s global headquarters in Bermuda (subject to immigration approvals.)
The Company also announced that, as part of the leadership succession plan, Paolo Perego, currently Regional President of Europe, BMBV, will depart to pursue other opportunities and the company thanks him for his considerable contributions. Alex Ouziel, a seven-year veteran of Bacardi and currently VP & Managing Director of Eastern Europe, has been promoted to Regional President of Asia, Middle East & Africa, based in Dubai, succeeding Madhavan. Ouziel will also join the Global Leadership Team.
Oksana Pevtsova, a 10-year veteran of the Company, has been promoted to VP & Managing Director of Eastern Europe, based in Moscow, replacing Ouziel.