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November 22, 2004 3:50 pm
Bacardi, the privately held spirits group, on Monday announced that Javier Ferran, chief executive, had decided to resign for personal, family reasons after just more than a year in the post and that the group had hired an international headhunter to find a replacement.
Ruben Rodriguez, Bacardi chairman, would assume the chief executive?s role alongside his current post until a new chief was found. Mr Rodriguez formerly held the role from June 2000 until June 2003.
?I regret to announce that Javier Ferran has resigned as CEO of Bacardi,? Mr Rodriguez said in a statement. ?Mr Ferran had a distinguished career of more than 18 years with the company.?
Mr Ferran was general manager for Portugal and the UK with Martini and Rossi when that company was bought by Bacardi and was subsequently appointed regional president of Europe for the enlarged group. Mr Rodriguez said that Mr Ferran had overseen significant growth in European sales and profits.
He was appointed chief executive of Bacardi in June 2003 and since that time has overseen the acquisition of Grey Goose vodka and Bacardi?s securing of the ability to issue shares without the specific approval of the families who own the 142-year-old business.
The company has been exploring options of either a share listing or a share funded alliance with another spirits group, although Mr Rodriguez said when announcing the group?s results in June that it would not necessarily follow either option.
Bacardi?s net earnings fell 21 per cent in its last fiscal year due to falling sales of Bacardi Breezer, its ready-mixed alco-pop drink. Sales of Bacardi rum, the world?s best selling premium spirit, also slipped 3 per cent due to an inventory cut back in the US.
The company?s other brands include Dewar?s Scotch whisky and Bombay Sapphire gin.
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