USL names Praveen Someshwar as next CEO, Hina Nagarajan to step down; stock falls by over 4%, tanks 13% in one week

The Indian alcoholic beverages company United Spirits Ltd (USL), now Diageo India, has announced Praveen Someshwar as its next Chief Executive Officer (CEO), replacing the incumbent Hina Nagarajan, as a part of the top management rejig.

Following the change in the leadership, shares of United Spirits plunged by nearly 4.2% on Tuesday, January 14 to ₹1,420.70 apiece on the NSE. The stock has fallen by more than 13% in the last week. The company’s market capitalisation stands at ₹1,03,334.74 crore.

Someshwar has been appointed as chief executive officer-designate effective from March 1, 2025, and will closely work with Nagarajan up to March 31, as per USL corporate filing dated January 13, 2025.

“Effective March 1, 2025, Mr. Praveen Someshwar has been appointed as Chief Executive Officer-Designate, who will closely work with Ms. Hina Nagarajan up to March 31, 2025. Further, effective April 1, 2025, Mr. Praveen Someshwar will assume office as the new Managing Director & Chief Executive Officer of the Company in accordance with the applicable law and upon receipt of necessary approvals,” the filing read.

This comes after Someshwar resigned as the MD and CEO of HT Media with effect from February 28, 2025. At HT Media, one of the leading media groups in India, he led multiple digital, print and radio outlets including India's second-largest newspaper Hindustan Times and business daily Mint.

Meanwhile, Nagarajan, who served as the USL MD and CEO for almost four years, will be taking up a new role within the Diageo group. She tendered her resignation effective end of day March 31, 2025.

She took over as the company’s MD and CEO effective from July 1, 2021 and played a key role in the growth of the company in the last four years.

“Under her leadership, the Company has combined strong top-line growth and margin expansion with impactful strategic initiatives, reshaping and premiumising our portfolio and positioning the Company as an innovative leader in the AlcoBev industry. During her tenure, the Company’s market capitalisation has grown to more than ₹1 trillion ($12.5 billion). As she moves on to a new role within Diageo, she leaves a significant track record of success and a highly engaged, talented and diverse team,” the release stated.

Apart from his most recent leadership role at HT Media, Someshwar has also worked at PepsiCo India and held various other strategy positions in the wider Asia Pacific region during his career in the last 24 years. He was appointed CEO of PepsiCo's South Asia beverage business in 2009 and moved on to become CEO of PepsiCo India's food business in 2012.

Moreover, from 2014-2018, he was SVP and General Manager for PepsiCo for North Asia and parts of SE Asia, based in Hong Kong. During this time, he led a portfolio of markets as well as the sales function for Pepsi's wider Asia Pacific region.

Someshwar is an alumnus of Delhi University and a Chartered Accountant. He is also a Cost & Management Accountant by qualification.

Diageo India has over 50 spirit brands in the country, including McDowell, Royal Challenge, Smirnoff, Johnnie Walker, Black & White, Baileys, and Signature, among others. It is the second-largest alcoholic beverage company in India in terms of revenue, posting a revenue from operations of ₹26,018 crore in the financial year ended March 2024.