Ferrán is a partner at Lion Capital, having been a founder partner since 2005. Prior to that he spent more than 10 years at Bacardi, latterly as president and CEO.
He is currently a non-executive director at SAB Miller, Associated British Foods and Desigual, and a member of the Advisory Board of Agrolimen and the ESADE Business School.
Ferrán will not seek re-election to the board of SAB Miller at their AGM in July.
Lord Davies of Abersoch, senior non-executive director, chairman Nominations Committee said: “The Board is delighted that Javier has agreed to be the next chairman of Diageo. He has experience across the consumer sector, given his career at both Lion Capital and Bacardi, and he has demonstrated his ability to enable companies to drive value through the rigorous deployment of capital. He therefore brings a strong set of skills and experience to the role of chairman.
Ferrán, said: “It will be a privilege to chair the Diageo board. The company is in a strong position with leading brands, geographic reach and financial strength. It now has a consumer facing culture and a rigorous approach to the decisions it makes. As chairman it will be my role to work with the strong executive team, led by Ivan, to ensure that the company delivers its potential.’
Chief executive Ivan Menezes said: “I am very pleased to welcome Javier to the Diageo board. He brings a wealth of experience to the role of chairman.
“Diageo is executing a clear strategy with discipline in order to deliver accelerated top line growth, greater productivity and continued strong cash flow. I look forward to working with Javier as we build Diageo’s leadership position and achieve our ambition.”