Bermuda-based Bacardi Ltd. is searching for candidates to fill its two top jobs following reports that chairman and acting chief executive Ruben Rodriguez is planning to retire.

Mr. Rodriguez joined Bacardi in 1989 as chief financial officer and director of audit and finance. He took over as president and chief executive in March 2000 and added the title of chairman in July 2000. This is the second time he will step down from the position as chief executive, having temporarily taken back the title late last year after 18-year veteran of the company Javier Ferr?n resigned for personal reasons after just 18 months at the helm. According to The Miami Herald Mr. Rodriguez, 68, plans to step down following Bacardi Ltd's annual shareholder meeting in June or soon after a new chief executive is appointed.

Mr. Rodriguez, 68, is the first person outside of the Bacardi family to hold both jobs. The company is owned by about 600 shareholders, 98 percent of which are part of the Bacardi family, which has controlled the business since it was founded in Cuba in 1862.

During his tenure, the family took the first steps towards a possible initial public offering. Bacardi has also been adding more high-end liquor brands since it acquired Martini & Rossi a dozen years ago. The company bought Dewar's Scotch Whisky and Bombay Sapphire Gin in 1998, Cazadores Blue Agave Tequila in 2002 and Grey Goose, the top-selling upscale vodka in the US, last year. Mr. Rodriguez's announcement comes at a time when media reports have suggested the family owned company may enter a consortium to offer a competing bid to Pernod Ricard's $14.2 billion bid to purchase Allied Domecq.

True to Bacardi's long standing policy, spokeswoman Patricia Neal refused to comment on the "industry rumours or speculation" earlier this week.

Mr. Rodriguez told the Herald there is no truth to speculation that his departure has anything to do with infighting within the Bacardi family or disagreement about whether to pursue an Allied acquisition. ''This is a very stressful job,'' Rodriguez told the Miami Herald earlier this week. "I've given it every drop of my blood. I never planned that I was going to stay here forever.''

The Herald reports that the preliminary list of nominees for the board of directors had already been mailed out with his name, although the proxy won't be mailed until next month. Bacardi's spokeswoman was unavailable for comment yesterday, however industry analysts say that Mr.Rodriguez's departure is a loss for the company.