Diageo Replaces CFO of North America Unit With Jakob Ripshteinby
Greg Kryder to leave company in January to pursue interests
Change comes months after Mahlan takes over North America
Diageo Plc, the world’s largest distiller, replaced the chief financial officer of its North America business six months after Deirdre Mahlan was chosen to lead the struggling U.S. unit.
Jakob Ripshtein, president of Diageo’s Canada arm, will replace Greg Kryder, who’s leaving in January to pursue other career interests, the London-based company said in a statement Wednesday. Ripshtein began his career with Diageo in 2008 as a vice-president for finance in Canada. He will continue to report to Mahlan, who gave up the top finance post at Diageo to run the North America business earlier this year.
"Jakob has a track record of delivering great business results," Mahlan said. "I’d also like to thank Greg for his many contributions to Diageo over the last fourteen years."
The move comes as Chief Executive Officer Ivan Menezes seeks to restore growth in the U.S. Diageo’s operating income in North America, the company’s largest profit region, was little changed at 1.4 billion pounds in 2015. The company said in July it was working with the Securities and Exchange Commission after reports that the regulator was checking whether the company shipped excess inventory to boost results.