Lord Davies was previously minister for trade, investment and small business for the UK government between January 2009 and May 2010. Prior to this role, he was chairman of Standard Chartered PLC, the financial services company with leading positions in Asia, Africa and the Middle East. He was a non-executive director at Tesco PLC from 2003 to 2008.
Diageo chairman Dr Franz Humer said: "Lord Davies has experience of building leading businesses in dynamic developing markets, as well as insight into the UK’s business environment. For a UK company with a global business, his perspective and expertise will be of great benefit to Diageo and I look forward to welcoming him to the board."