Bacardi Ltd. Designates New CEO--Completes Succession Plan; Ferran to Become CEO, Rodriguez Remains as Chairman of the Board.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--March 17, 2003 Ruben Rodriguez, President, 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. and Chairman of the Board, Bacardi Ltd. today announced Javier Ferran has been unanimously approved by the Board of Directors to serve as the next President and CEO of the company. Mr. Ferran currently serves as Regional President of Europe, Middle East and Africa for Bacardi Ltd. and is a member of the company's executive committee. He will succeed Ruben Rodriguez, who will remain Chairman of the Board. "Mr. Ferran has a superb track record of success and a wealth of industry experience, serving as Managing Director of Martini & Rossi Ltd. (UK), and more recently as President of Europe, Middle East and Africa for Bacardi Ltd. a key region for the company," said Ruben Rodriguez. "The Board of Directors recognizes Mr. Ferran's demonstrated leadership abilities, his business acumen, and his commitment to the success of the company." Mr. Ferran is expected to assume his role early this summer. Appointing Ferran as CEO, while maintaining Rodriguez's role as Chairman of the Board, completes Bacardi's plan to split the two positions in an effort to advance corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. policies. It also fulfills requirements outlined in the company's succession planning policy, which requires CEO retirement at age 65. A 17-year veteran of the company, Mr. Ferran holds a MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration degree from ESADE ESADE Escuela Superior de Administración y Dirección de Empresas (Spanish business school) in Barcelona, Spain. He also received a law degree and a Ph.D in economics from University of Barcelona The University of Barcelona (Catalan: Universitat de Barcelona, UB) is a public university located in the city of Barcelona, Catalonia, Spain. It is a member of the Coimbra Group and Joan Lluís Vives Institute. in Spain. He speaks five languages. Bacardi Limited, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , produces and markets a variety of internationally-recognized spirits. Bacardi Limited's brand portfolio consists of more than 250 brands and labels, including: BACARDI rum, the world's number-one selling premium spirit; MARTINI & ROSSI 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. , the world leader in Vermouth; DEWAR'S scotch whisky the number-one selling blended scotch whisky in the United States; BOMBAY SAPPHIRE gin, one of the fastest growing brands in the spirits industry; CAZADORES BLUE AGAVE tequila, recently acquired and ranked fourth in global sales in its category; BACARDI BREEZER, one of the world's leading ready-to-drink products; and other leading brands.
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