The chairmanship of Bermuda-based drinks giant Bacardi will go to a Bacardi family member and one of the largest shareholders of the company following the retirement of current chairman of the board Ruben Rodriguez.

Bacardi?s board has indicated its intent to elect Facundo L. Bacardi, currently deputy chairman, and a former vice chairman, as its new chairman.

Mr. Bacardi, 38, is the great-great grandson of the company founder, Don Facundo Bacard? Mass?, who created the company in 1862 in Santiago de Cuba. On election, he will become the ninth chairman in the history of the 143-year-old company.

Mr. Rodriguez announced last month that he plans to step down as president, CEO and chairman of the company by the annual general meeting of shareholders on June 23.

However, the company announced yesterday that he has now agreed to remain on as chairman to allow a transitional period with newly named president and chief executive officer, Andreas Gembler.

The Miami Herald reported, however, that Mr. Rodriguez has no intent to serve the entire year as chairman, but will only stay on for a matter of months.

Bacardi also announced yesterday that Mr. Rodriguez will remain an active member of the board once he retires as chairman, however, the Herald reported he will only remain a board member until the end of the year.

?It?s a short-term situation, not a long-term one,? he told the Herald. ?The family felt more comfortable if I would go through a transition period, rather than making an abrupt change. My plans have not changed, they have just been delayed.?

Facundo L. Bacardi has held the position of deputy chairman of the board for the past year and has been a director of Bacardi Limited since 1993. He is also founder and president of BacardiWorks LLC, a private equity and real estate investment company in Miami. He received his B.S.B.A. in finance from American University in Washington, D.C. and a J.D. degree from Emory University Law School in Atlanta.

Mr. Rodriguez told the Herald that the board felt that at this time in the company?s history it was important to have a family member in the position as chairman, particularly as Bacardi considers an initial public offering. The company is owned by about 600 shareholders, 98 percent of whom are members of the Bacardi family.