Mahesh Madhavan has taken over from Michael Dolan as chief executive officer of Bacardi.

The spirits giant, which has headquarters on Pitts Bay Road, had first announced the planned transition in March.

Mr Dolan has retired after holding the CEO’s role since 2014.

“With more than 20 years at Bacardi, in different roles in different geographies, Mahesh has a tremendous track record of success,” Facundo Bacardi, chairman of the family-owned business said today.

“He inherits a business that is in great shape, with a healthy balance sheet, revitalised brands, and an engaged team of employees.

“Mike and Mahesh have worked closely to carry out the succession smoothly, and the board is delighted with the progress they achieved.”

In his career with Bacardi, Mr Madhavan has led the company’s Europe, Asia, Middle East and Africa operations.

He has also held leading roles in various fast-growing emerging markets including managing director of India, managing director for Thailand and the Philippines, and managing director of South Asia and Southeast Asia. He has also led the company’s Emerging Market Council.

As part of this leadership succession plan, Mr Madhavan announces the internal appointments of two senior leaders. Effective immediately, John Burke, 51, becomes global chief marketing officer of Bacardi and president of Bacardi Global Brands Ltd, while Ignacio del Valle, 47, leads commercial operations for the Latin America and Caribbean region as its regional president.

Mr Burke and Mr del Valle serve as members of the Bacardi Global Leadership Team and report directly to Mr Madhavan.

Mr Burke will be based between the Bacardi global headquarters in Bermuda, subject to Bermuda immigration approval, and Bacardi Global Brands Ltd’s London office.

“These internal appointments showcase our deep bench of seasoned talent and leadership within Bacardi and further demonstrates the company’s dedication to nurturing and growing our talented leaders,” Mr Madhavan said.