Bacardi Limited, the largest privately held spirits company in the world, today announced that 20-year company veteran Mahesh Madhavan will take over the chief executive leadership role effective immediately.

As announced in March, Madhavan succeeds Michael J. Dolan, who retired as CEO, a role Dolan held since 2014. Madhavan will be based in the company’s global headquarters in Bermuda.

“Mike and Mahesh have worked closely to carry out the succession smoothly, and the Board is delighted with the progress they achieved,” says Facundo L. Bacardi, chairman of family-owned Bacardi Limited. “Mahesh has a tremendous track record of success.”

In his career with Bacardi, Madhavan has led the company’s Europe, Asia, Middle East & Africa operations where he was charged with building stronger connections between brands in the Bacardi portfolio and consumers in those regions.

Also during his tenure, Madhavan held leading roles in various emerging markets including managing director of India, managing director for Thailand and the Philippines, and managing director of South Asia and Southeast Asia. He also led the company’s emerging market council.

Global Leadership Team Additions

As part of this leadership succession plan, Madhavan announced the internal appointments of two senior leaders.

Effective immediately, John Burke, 51, assumed responsibility for leading all marketing efforts as global chief marketing officer of Bacardi and President of Bacardi Global Brands Limited, while Ignacio del Valle, 47, will lead commercial operations for the Latin America & Caribbean (LAC) region as its regional president.

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

“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,” says Madhavan.