Bermuda-based Bacardi Ltd. has launched a search for a new chief executive, with plans to split the jobs held by current chairman and chief executive Ruben Rodriguez, according to The Miami Herald.

The paper reported that Rodriguez will remain chair of the liquor empire, and the new person would take on the role of chief executive and president, with responsibility for overseeing the daily operation of the company.

The move comes as Rodriguez, who turned 65 this year, continues to urge the board of directors to start planning for the future. The company is holding an informational shareholder meeting on January 20 in Florida.