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Diageo promotes new US CFO to drive return to growth

Published:  21 December, 2015

Jakob Ripshtein has been appointed as chief financial officer of Diageo's North American business.

The company's current CFO, Greg Kryder recently announced he planned to leave the global drinks giant to pursue other interests.

Kryder has been with Diageo for 14 years.

Ripshtein is being promoted from his current role as president of Diageo's Canada business, which he joined in 2008 as vice-president of finance.

He will to report to Deirdre Mahlan, who was herself appointed earlier this year.

Nearly 60% of Diageo's senior leadership team has changed since the appointment of Ivan Menezes as group chief exective two years ago.

The US is Diageo's most profitable region. It represents 32% of the group's net sales but 46% of its operating profits.

Sales have been flat in the US for some time, however.

In the year to June 30, 2015 Diageo reported organic sales down by 1% in North America.

Sales of key brand Smirnoff were down 4% year on year, with Johnnie Walker also performing poorly.

The group is also under investigation by the Securities and Exchange Commission for artificially inflating sales figures.