Coca-Cola Europacific Partners (CCEP) announced on Friday that its chief financial officer Nik Jhangiani is stepping down to join spirits and beer giant Diageo later this year.
Jhangiani plans to take on the same role at British multinational Diageo and will join the firm's board and executive committee in the autumn of 2024.
"CCEP expects to make an announcement about [Jhangiani's] successor in the near future, following a thorough search with strong candidates already identified," the company said in a statement.
At Diageo, Lavanya Chandrashekar will step down from the executive committee and board.
Jhangiani has held the chief financial officer role at Coca-Cola Europacific since 2016.
Prior to his current role, Jhangiani was chief financial officer and senior vice president at Coca-Cola Enterprises from 2013 to 2016.
From 2009 to 2012, Jhangiani was group chief financial officer at Bharti Enterprises.