Bacardi Limited

September 26, 2005 04:44 ET

Bacardi Ltd. Completes Chairman Succession Plan; Great-Great Grandson of Company Founder, Facundo Bacardi Elected Chairman

HAMILTON, Bermuda--(CCNMatthews - Sep 26, 2005) -

The board of directors of Bacardi Limited announced today Facundo L. Bacardi has been elected chairman of the board effective immediately, completing the Company's chairman succession plan. The board held its meeting on Thursday, September 15. Mr. Bacardi, 38, has served as vice chairman of the board for 3 years and has been a director of Bacardi Limited since 1993. He is the great-great grandson of the company founder, Don Facundo Bacardi Masso, who created the company in 1862 in Santiago de Cuba.

Mr. Bacardi follows Ruben Rodriguez, chairman since 2000, who retired as chairman, but will remain an active member of the board of directors. Previously, the board announced both Mr. Rodriguez's plans to retire and the intent of the board to elect Mr. Bacardi as its ninth chairman in the company's 143 year history.

"I'm honored to be elected chairman of the board. Bacardi Limited has a rich history, which I proudly share from a personal and professional level. My focus will be to drive continued growth and maintain the high caliber of our excellent portfolio of premium products," said Mr. Bacardi. "We're fortunate to have Andreas Gembler, a strong CEO with the right experience to move the business forward. I look forward to supporting Andreas and the company's management team, and I welcome the opportunity to lead the board in this new role."

In the past, Mr. Bacardi has been a member of the Nominating and Governance Committee, chairman of the Corporate Strategy and Finance Committee, and chairman of the Search Committee.

Mr. Rodriguez said, "I have known and worked with Facundo for ten years and am confident he will keep Bacardi on a continued path of success for the future." Under Mr. Rodriguez, Bacardi saw unprecedented growth in sales and earnings, strengthened its corporate governance and oversaw the successful acquisition of two core brands -- Grey Goose vodka and Cazadores blue agave tequila, rounding out the portfolio of premium brands.

The board of directors of Bacardi Limited also announced it has appointed Adolfo L. Danguillecourt and Barry E. Kabalkin as vice chairmen, effective immediately.

Mr. Danguillecourt, 45, is a member of the Bacardi family and has served as a director of Bacardi Limited since 2001. He currently serves as chairman of the Nominating and Governance Committee.

Mr. Kabalkin, 50, served as executive vice president of Bacardi Limited from 1997 to 2000, and orchestrated the Company's $2 billion acquisition of Dewar's Scotch whisky, Bombay Sapphire and Bombay gin in 1998. He rejoined Bacardi Limited as a director in 2004. Mr. Kabalkin is also the managing director of Pitts Bay Partners in Washington, D.C.

About Bacardi

Bacardi Limited is the largest privately held spirits company in the world and 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 spirit; MARTINI & ROSSI vermouth, the world leader in vermouth; GREY GOOSE vodka, the world leader in ultra-premium vodka; 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, the top selling 100 percent blue agave tequila worldwide; and other leading brands.

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Contact Information

  • Burson-Marsteller/Florida, Miami
    Amy Federman, 305-347-4343
    or
    Bacardi Limited, Miami
    Patricia Neal, 305-446-9050