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Diageo has announced that the company’s CFO Kathryn Mikells will leave the business later this year and will be replaced by Lavanya Chandrashekar.

The alcohol firm has announced that Kathryn Mikells will return to the US at the end of June after almost six years in the role.

Meanwhile, Lavanya Chandrashekar, the current CFO of Diageo North America and global head of investor relations, will take her place from 1 July.

Mikells joined Diageo from the Xerox Corporation and relocated to London in November 2015. She has since been deemed as instrumental in driving Diageo’s improved performance and in leading a substantial global productivity programme.

As part of her upcoming role, Chandrashekar will join the Diageo executive committee and board. She joined Diageo in her current role in July 2018, where she has since been said to have accelerated growth in Diageo’s North American business and, subsequently, has taken on accountability for investor relations globally.

Prior to joining Diageo, Chandrashekar worked at Mondelēz International for four and a half years and spent 18 years at Procter & Gamble in in various senior finance positions.

Diageo CEO, Ivan Menezes, said: "I am immensely grateful for the leadership role Kathy has played in making Diageo a consistent top-tier performer. She has made a significant contribution to Diageo’s improved performance trajectory, including her leadership of a substantial global productivity programme and her critical role in active management of our brand portfolio through our acquisition and disposal activities.

“I am delighted that Lavanya will take up the role of chief financial officer. She brings a breadth of international experience, has an exceptional grasp of consumer products value creation and world class experience of effective cost management.”