Bacardi Limited Announces Management Changes.Business Editors HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Bermuda--(BUSINESS WIRE)--March 23, 2000 Bacardi Bacardi is the world's largest privately held, family-owned spirits company; a producer of rums, including Bacardi Superior and Bacardi 151. The company sells in excess of 200 million bottles per year in 200 countries. Limited, the manufacturer and distributor of Bacardi rum rum, spirituous liquor made from fermented sugarcane products. Prepared by fermentation, distillation, and aging, it is made from the molasses and foam that rise to the top of boiled sugarcane juice. , the world's top-ranked premium distilled spirits brand, announced today that George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). B. ("Chip") Reid, Jr., President and Chief Executive Officer, and Barry E. Kabalkin, Executive Vice President, are leaving their executive positions to pursue other interests. They will continue as advisers to the Company. Bacardi's Board of Directors unanimously appointed Ruben Rodriguez as President and Chief Executive Officer. Mr. Rodriguez has been a key member of the Bacardi management team for 11 years and his most recent role within Bacardi Limited was as Senior Vice President and Chief Financial Officer. He enjoys the full support of members of the Board who are confident in his abilities to lead the Company into the future. The team of Reid and Kabalkin led Bacardi through a three-year period of dramatic growth in sales and profits, capped in the current fiscal year ending March 31, 2000, by an anticipated increase in top-line sales of 12 percent and an increase in net earnings of 35 percent. The achievements of their three-year tenure included the successful acquisition of Dewar's Scotch whisky Scotch whisky n. A whiskey distilled in Scotland from malted barley. Noun 1. Scotch whisky - whiskey distilled in Scotland; especially whiskey made from malted barley in a pot still and Bombay Bombay (bŏmbā`), former state, W central India, on the Arabian Sea. The state contained within its borders the former Portuguese colonies of Goa and Daman and Diu. Historical remains exist from the period (320–184 B.C. gin, the strong growth of Bacardi Limon, and the launch of other Bacardi brands including low-proof ready-to-drink products in Europe. Manuel Jorge Cutillas, Chairman of Bacardi Limited's Board of Directors said: "Chip and Barry have done an excellent job over the past three years. We challenged them to make Bacardi one of the best-managed companies in our industry, and they delivered. Now that Bacardi has decided not to proceed with an initial public offering, we completely understand their desire to move on to new challenges. However, we are extremely pleased that they have agreed to remain as advisers, helping with transition issues. We are also pleased that Ruben Rodriguez has accepted the position of President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ." Reid said, "Barry and I were honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. and excited to join Bacardi in 1997 as senior executives. Today, we move to a new relationship with the Company. We are extremely proud of what we have accomplished over the past three years - acquisitions, new product lines, cutting-edge management systems, and record profits. We complete our tenure having done what we set out to do. Now, as advisers to the Company, we hope to continue to help the Company accomplish its goals and reach new heights." Bacardi Limited, the successor to the Bacardi rum business founded by Don Facundo Bacardi in Cuba in 1862, is a private company that now sells over 250 brands of rum, vermouth vermouth (vərm  th`), blend of white wines fortified with additional alcohol and flavored with aromatic herbs, spices, and roots. It contains up to 19% alcohol. , Scotch whisky, gin and other spirits around the world, with total annual sales of just under $3 billion.
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