Mallya to continue as non-executive director, chairman of USL

Following preferential allotment, Diageo Bidco nominated Gilbert Ghostine as non-executive director of USL

Global spirits major Diageo, which announced completion of share purchase agreement with UBHL for gaining control over the United Spirits Limited (USL), said, it has made several management changes.

Vijay Mallya will continue as non-executive director and chairman of USL, while Ashok Capoor will continue as CEO of USL.

Following the preferential allotment, Diageo Bidco nominated Gilbert Ghostine as non-executive director of USL, and USL confirmed that appointment at that time.

Following the closing of the Share Purchase Agreement on Thursday, Diageo Bidco nominated Ravi Rajagopal as a non-executive director of USL. In addition, Diageo Bidco has confirmed P A Murali as CFO and has also nominated him as an executive director of USL.

There will be 10 directors on the Board of USL. These appointments are expected to be confirmed at a USL board meeting later today.
 
The appointment of Arun Gandhi, Sudhakar Rao, D Sivanandhan and Renu Karnad as additional non-executive directors of USL is also expected to be confirmed at the USL board meeting later today. All of them will be independent directors.

The Shareholders’ Agreement in relation to USL between Diageo, Diageo Bidco, UBHL and Kingfisher Finvest India Limited (KFinvest) has come into effect today.
 
Under this agreement, Diageo Bidco is entitled to nominate, propose or recommend directors to the USL board and appoint its nominees to the roles of CEO, CFO and the Head of Internal Audit.