Mahlan will officially join the drinks giant on 18 August, assuming the role left vacant by Nik Jhangiani, who was named interim chief executive officer last month.
Jhangiani succeeded former CEO Debra Crew, who departed the company by mutual agreement on 16 July.
With an impressive 27-year career at Diageo and its predecessor companies, Mahlan brings extensive spirits industry experience. She served as chief financial officer at Diageo from 2010 to 2015 and most recently held the positions of chief executive officer and chair of The Duckhorn Portfolio prior to its sale to Butterfly Equity.
“Deirdre brings extensive spirits and functional expertise to the Interim Chief Financial Officer role, complemented with deep knowledge of Diageo and its operations,” commented Jhangiani.
“I am delighted that she has agreed to return on an interim basis, and I have full confidence that she will provide invaluable guidance to our teams and partner with me as we deliver on our Accelerate programme to drive long-term sustainable growth.”
Following Crew’s departure, Diageo confirmed an extensive formal search was underway, considering both internal and external candidates. It is noteworthy that Crew was appointed CEO in June 2023 and made history as the first woman to hold the position.
Commenting on these leadership changes at Diageo, food sector analyst Julian Wild stated: “Crew had a hard act to follow after the sudden death of Ivan Menezes but took the market by surprise in late 2023 with an early profits warning. That put her on the back foot, and investors have been uneasy ever since.”
“A combination of an underperforming business and shareholder discontent is never a good look, and Debra Crew has been on borrowed time for a while. This is quite a tough time for the drinks industry, and her successor will have their work cut out.”
Diageo’s portfolio includes renowned brands such as Guinness, Johnnie Walker, Baileys, Smirnoff, and Captain Morgan.
