Two top members of staff have left a locally-based rum manufacturer and distributor after the company decided not to go public.

President and Chief Executive Officer George B. (Chip) Reid, Jr. and Executive Vice President Barry E. Kabalkin are leaving Bacardi Limited to pursue other interests but will keep an advisory role at the company.

Chairman of Bacardi Limited's Board of Directors Manuel Jorge Cutillas said: "Chip and Barry have done an excellent job over the past three years.

"We challenged them to make Bacardi one of the best-managed companies in our industry, and they delivered.

"Now that Bacardi has decided not to proceed with an initial public offering, we completely understand their desire to move on to new challenges.

"However, we are extremely pleased that they have agreed to remain as advisers, helping with transition issues.'' Mr. Reid, a lawyer in Washington before he joined Bacardi, and Mr. Kabalkin led Bacardi through three years of dramatic growth in sales and profits, capped in the current fiscal year ending March 31, 2000, by an anticipated increase in top-line sales of 12 percent and an increase in net earnings of 35 percent.

Achievements under their tenure included the successful acquisition of Dewar's Scotch whisky and Bombay gin, the strong growth of Bacardi Limo mn, and the launch of other Bacardi brands including low-proof ready-to-drink products in Europe.

Mr. Reid said: "Barry and I were honoured and excited to join Bacardi in 1997 as senior executives.

"Today, we move to a new relationship with the Company.

"We are extremely proud of what we have accomplished over the past three years -- acquisitions, new product lines, cutting-edge management systems, and record profits.

"We complete our tenure having done what we set out to do.

" Now, as advisers to the Company, we hope to continue to help the Company accomplish its goals and reach new heights.'' Bacardi's Board of Directors have unanimously appointed Ruben Rodriguez as President and Chief Executive Officer of the company which manufactures and distributes Bacardi rum, the world's top-ranked premium distilled spirits brand.

Mr. Rodriguez has been a key member of the Bacardi management team for 11 years and his most recent role within Bacardi Limited was as Senior Vice President and Chief Financial Officer.

He enjoys the full support of members of the Board who are confident in his abilities to lead the Company into the future, a Bacardi statement said.

Mr. Cutillas said: "We are also pleased that Ruben Rodriguez has accepted the position of President and CEO.'' Bacardi Limited, the successor to the Bacardi rum business founded by Don Facundo Bacardi in Cuba in 1862, is a private company that now sells over 250 brands of rum, vermouth, Scotch whisky, gin and other spirits around the world, with total annual sales of just under $3 billion.