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New Bacardi CEO focused on building brands

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New boss: Bacardi CEO Ed Shirley in his Bermuda office (Photo by Mark Tatem)

He’s been on the job for just four-and-a-half weeks, but already Bacardi’s new CEO Ed Shirley is settling in and says he’s excited about his new role here in Bermuda.The head of one of the largest spirits companies in the world sat down with The Royal Gazette yesterday to share his vision for the company and its legacy in Bermuda, but not before breaking the ice with a bit of humour.“The announcement of me joining this company in this industry has resonated very well with all my former colleagues, friends and family. Then, they find out it’s in Bermuda and they say, ‘Come on, really?’” he jokes, implying he’s about to get a lot of visitors. “That’s how I’m going to contribute to the local Bermuda economy — by helping stimulate tourism.”Mr Shirley says he has spent a lot of his first few weeks travelling around the US and Europe learning the business. Next week, he’ll be in Puerto Rico, the heart of rum-making to visit the “Cathedral of Rum” — the Puerto Rican distillery where Bacardi manufactures about 85 percent of the rum it produces each year.“For the first 100 days, it’s really deep-immersion and understanding the brands and the essence of each brand as well as our distribution capabilities so I can be in a better position to set the company’s direction, establish the right priorities, and allocate the resources against the biggest ideas and accelerate our growth,” he said.While he has spent only about 30 percent of his time here, he’s enjoying it. “I’m thrilled to be here. Really, I’m so happy. And I’m glad the company and family wanted me. I’m very excited to be here not only in the job but in Bermuda,” he said.“People are very welcoming, friendly and the employees we have here are passionate. They joined the company for the same reasons I did. Great brands, solid industry.”It’s an industry that’s brand new to Mr Shirley, having spent the last 27 years with Proctor & Gamble, but he says his most recent role as the head of P&G’s beauty and grooming unit has prepared him for his new job.“Proctor & Gamble had a $3 billion luxury skincare, cosmetics and fragrance business. So, some of the same cues that luxury goods use to build their brands are the same types of marketing cues we would use to build our brands,” he said.While beauty and booze are two very different things, Mr Shirley said they have a lot in common when it comes to selling them. He says it’s about image and brand building — helping consumers see themselves in the image of the brand.“It’s very emotional why people chose what they chose,” he said. “People are very public with who they are when they order a Grey Goose and soda at a bar. It’s one of the few industries where people declare who they are with what they order.“It’s very similar to a branded purse. When you make a call for a particular spirit, you’re letting people know a bit about yourself or what you would like them to believe.”With 17 different kinds of rum and more than 200 brands under the Bacardi name, the company can suit just about any personality. Famous labels include Grey Goose, Bombay Sapphire, Dewar’s, Martini and now a stake in the Patrón business. Mr Shirley says his focus is on the company’s namesake and making sure the other brands stand out.“With each brand, we want to make sure it stands for something unique. But our company’s focus remains very consistent. We must win with the Bacardi brand. It’s the name of the company and it’s the largest brand in our portfolio. So we must continue to win with the Bacardi brand and building that brand,” he said. “We’ve got a leading scotch, a blended scotch in Dewars. And we’re going to revitalise that brand. And there’s an incredible asset with Grey Goose. It’s been a phenomenal success in the US and we’re going to build that out across the globe.”Spirits is a growing business. Volume sales from the top 250 liquor brands grew 3.1 percent last year, according to research group Technomic. The brands generate 89 percent of Bacardi’s dollar sales.“Frankly, it’s one of the reasons I joined the industry, because spirits is growing. Beer continues its decline. I think there was some recent market data that suggested that the larger beer manufacturers suffered the most,” Mr Shirley said. ”But spirits is growing. Spirits would be the fastest-growing category within the total alcohol industry. And we’ve got a great portfolio that’s driving that.”But while the industry may be growing, the Bacardi office here has shrunk. Last year, the company laid off 13 people, narrowing the number of its 6,000 employees worldwide to just 65 here in Bermuda. Mr Shirley says he hopes to put the company on the path to growth.“I think the best thing I can do as a leader, is to help set Bacardi on a growth path,” he said. “Anytime your business is strong and healthy and growing, people feel more secure about their jobs. And the best thing I can do is help us grow faster.”Mr Shirley adds that while driving sales and growth is important to him and the company as a whole, so too is being a driving force in the community.On April 25, Bacardi will open its doors for a fundraising event to benefit CADA (Centre for Alcohol and Drug Abuse Prevention). Mr Shirley and his global leadership team will be serving the drinks as bartenders. Money raised will go to the organisation’s TIPS (Training for Intervention Procedures) programme which trains bartenders and wait staff to spot underage drinkers, curb alcohol sales to minors and prevent drink driving.The fundraiser, timed to coincide with the 150th anniversary, kicks off Bacardi’s corporate responsibility month.“We like to think of ourselves as good corporate citizens. We do a lot of work and support many local charities in Bermuda.”By the way, Mr Shirley’s favourite drink is Cuba Libre with diet coke and two limes crushed.

New CEO of Bacardi Ed Shirley (Photo by Mark Tatem)