DIAGEO HAS BEEFED UP its board governance with the appointment of Marks & Spencer’s CFO as a non-executive director.
Alan Stewart will join Diageo’s audit, nomination and remuneration committees from 1 September. He has previously served as a non-exec at Games Workshop.
Diageo chairman Dr Franz Humer said: “Alan’s strong track record in accountancy and financial management together with his experience in retail, travel and the banking industries will be of great value to Diageo as we continue to focus on driving long-term profitable growth. I look forward to welcoming him to the board.”
Alongside managing M&S’ finances, he has responsibility for IT, supply chain and logistics. Prior to joining M&S he was CFO of AWAS, a leading aircraft leasing company, and group FD of WH Smith. He has also held a number of senior executive roles at Thomas Cook Holdings.
Last month Diageo announced plans to buy a controlling stake, valued at $1.9bn (£1.1bn), in India’s United Spirits. Diageo also plans to sell its Whyte & Mackay brand to Emperador for £430m, as part of plans to assuage the OFT – which has raised concerns about its dominant position in the spirits marketplace.
New corporate brokers have reportedly been chosen at Diageo, with Morgan Stanley and Bank of America Merrill Lynch replacing UBS and Credit Suisse.