Ferrán splashes out £250k on Diageo shares

Diageo’s incoming chairman, Javier Ferrán, has purchased more than £250,000 worth of shares in the company ahead of his official appointment in January.

Javier Ferrán will take up the role of Diageo chairman on 1 January 2017

Ferrán was announced as the successor to Diageo’s current chairman, Franz Humer, in May this year.

A former CEO of Bacardi, Ferrán became a non-executive director at Diageo in July this year, before taking up the role of chairman on 1 January 2017.

Ferrán has acted as founding partner at Lion Capital since 2005 and was previously non-executive director at SAB Miller, a role which he vacated in July this year.

Diageo confirmed that a search was underway to replace Dr Humer as chairman in April this year, following initial speculation in December 2015.

Documents from the London Stock Exchange now show that Ferrán purchased 13,000 ordinary shares in Diageo worth a total of £256,750 (US$320,237) on 15 November.

At the time his appointment was announced, Ferrán said: “It will be a privilege to chair the Diageo board. The company is in a strong position with leading brands, geographic reach and financial strength.

“It now has a consumer facing culture and a rigorous approach to the decisions it makes. As chairman it will be my role to work with the strong executive team, led by Ivan [Menezes, CEO of Diageo], to ensure that the company delivers its potential.”