Guinness brewer Diageo warns currency volatility will hit profits September 20, 2018 British brewer Diageo today warned that volatility in the currency market is set to damage sales and profits. Sales will be reduced by £175m this year, the firm behind Guinness, Gordon’s Gin and Baileys said. Meanwhile operating profits will drop by £45m. It issued the warning ahead of its annual general meeting (AGM) later today, [...]
Diageo’s share price falls as Larry Schwartz reveals plans to retire after 40 years in the industry June 15, 2015 Larry Swartz, president of Diageo North America, will retire at the end of this year after 40 years in the drinks industry. Schwartz – a bartender's son and grandson – has been president of the North America division since March 2012, but has held numerous other roles at the business including president of Diageo [...]
Diageo share price lifted by billionaire Brazilian bid talk from Jorge Paulo Lemann and 3G Capital June 8, 2015 Shares in Diageo have shot up today following reports the drinks giant is the target of a takeover bid by Brazil's richest man. Jorge Paulo Lemann and his private equity partners at 3G Capital are said to be mulling a buyout, according to local media reports. London-listed shares in the maker of Smirnoff vodka and Johnnie [...]
Diageo battles subsidiary boss Vijay Mallya after financial misconduct probe April 27, 2015 Diageo was forced to hold an emergency meeting over the weekend after the chairman of its Indian subsidiary, United Spirits, was accused of financial misconduct. Vijay Mallya, the former majority stakeholder in United Spirits, was asked to step down by Diageo, which purchased 55 per cent of the company for £1.8bn last year. Mallya is [...]