Diageo PLC Reports Growth in East African Unit
Diageo PLC, a leading spirits and beverage company, has announced a growth in annual profit by its East African unit, East African Breweries Plc. The growth is attributed to reduced foreign-exchange losses and lower interest rates.
Key Factors Contributing to Growth
- Reduced foreign-exchange losses
- Lower interest rates
Executive Changes
Diageo has appointed Deirdre Mahlan as interim Chief Financial Officer (CFO), following the departure of CEO Debra Crew. Mahlan’s return is expected to provide stability to the company’s finances as it searches for permanent leaders for the CEO and CFO roles.
Stock Price Impact
The company’s stock price has declined from its 52-week high due to recent changes. However, the appointment of Mahlan is seen as a positive step towards stabilizing the company’s finances.
Appointment Details
- Deirdre Mahlan appointed as interim CFO
- Search for permanent CEO and CFO leaders ongoing