Bacardi?s announcement yesterday that its president and chief executive Javier Ferran is resigning for personal reasons prompted further speculation that the company is gearing up for an initial public offering.

In a press statement yesterday, the Bermuda-based liquor giant said that Chairman Ruben Rodriguez, 67, will act as CEO until a replacement is found.

Mr. Ferran, an 18-year veteran of Bacardi Ltd., only became president and chief executive officer in June, 2003 after the drinks giant split the jobs held by Mr. Rodriguez who previously served as chairman CEO.

Privately-held Bacardi has been adding more high-end liquor brands since it picked up Martini and Rossi Vermouth twelve years ago.

It bought Dewar?s Scotch Whiskey and Bombay Sapphire Gin in 1998 as well as Cazadores Blue Agave Tequila in 2002 and this year it added the top-selling premium vodka in the US, Grey Goose. Bacardi lost a more recent race to buy one of Scotland?s best-known single malt Scotch whisky producers, Glenmorangie.

Tom Pirko, president of Bevmark LLC, a consultant to the liquor industry told Bloomberg News yesterday afternoon that Mr. Ferran?s departure is not unusual.

?It?s a company in transition and it?s not unusual that with the major changes here ? the acquisition, that they?re obviously moving toward some kind of IPO ? that people would fall by the wayside,? he said. ?Ferran is looked at by most of us who know the company as someone who?s done a good job, but that doesn?t mean you can stay dry with the high waves Bacardi has been going through.

The privately-held company is owned by a wide network of Bacardi family members and there has been increasing speculation that they could be close to a decision to go public. Yesterday however company spokeswoman Pat Neal told the answer to that speculation remains the same.

?As our chairman has openly said time and time again, we have no current plans for an initial public offering or a private transaction and it would only be done when the time is right and the situation is right but we have no plans to do it right now,? she said.

Mr. Ferran, 48, was named regional president of Europe after Bacardi acquired a majority stake in Martini & Rossi where he had previously been general manager in Portugal and UK.

Bacardi said yesterday that during his tenure, the European Region experienced significant growth in sales and profits.

Mr. Rodriguez said in the statement: ?Javier directed and executed the acquisition of Grey Goose vodka, adding much value to the Bacardi portfolio of premium brands.?

The Bermuda-based company has commenced a search for Mr. Ferran?s replacement through a ?recognised international executive recruiting firm?.