BACARDI, the world's largest privately held family-owned spirits company, is understood to be looking for a new chief executive in a bid to tap into the wave of consolidation swamping the drinks sector.
Sources say the maker of Dewar's whisky and Bombay Sapphire has appointed headhunters amid speculation that Andreas Gembler will move to a senior executive role on the board.
The speculation comes just months after drinks industry veteran Graham H
etherington, formerly finance director at Allied Domecq, quit the Bermuda-based firm eight months after taking up the post.
At the time industry observers were disappointed as they thought Hetherington would attract investment from outside the fiercely private firm, which is still owned by the 600-plus descendents of the Cuban founder Facundo Bacardi y Massó.
Last night one analyst said: "They missed out on Absolut, they were not involved in the Allied deal and maybe there is a little bit of concern that the big deals are passing them by and they need someone more aggressive at the helm.
"But it must be very difficult for if you work for Bacardi and see an acquisition. It is hard to raise a lot of money because your hands are constantly tied as the family do not want to float."
Two years ago speculation emerged on Wall Street that Bacardi could be floated on the New York Stock Exchange. A multi-billion-dollar float would provide funds to enable Bacardi to continue to compete in a rapidly changing global spirits market which in recent months has seen companies such as Heineken and Carlsberg buy Scottish & Newcastle.
Last summer Bacardi announced plans to invest £120m in its Scotch whisky brand, Dewar's, to increase production at an existing site in Glasgow, and to develop a new facility in central Scotland.
The company plans to increase its maturation, blending, bottling and packaging functions at its site in Parkhead, Glasgow.
It is also close to securing a 100-acre site in central Scotland to build a new maturation and blending facility.
Bacardi said the two initiatives could create up to 100 jobs over the next 10 years. It already employs 300 people at seven Dewar's sites and runs the Dewar's World of Whisky visitor centre in Aberfeldy.
