Diageo PLC (LSE:DGE) has announced that Ivan Menezes will retire as chief executive officer (CEO) on 30 June 2023 and be succeeded by the current chief operating officer (COO), Debra Crew.
Menezes, who joined the company following the merger of Guinness and Grand Metropolitan in 1997, helped Diageo make “great strides" towards becoming one of the most “trusted and respected” consumer product companies, according to a statement.
During his 10 years in charge, the drinks company behind brands such as Guinness and Johnnie Walker has grown significantly, selling 200 brands across 180 markets.
Diageo also said that during the 63-year-old's tenure, the company has developed a leadership position in sustainability, which included achieving a ‘Double A’ rating from the CDP for Water Security and Climate Change.
Shareholder returns have outperformed the FTSE 100, with the company increasing its dividend every year for the last 10 years, it noted.
"It has been an enormous honour leading Diageo over the past decade. I am extremely proud of what we have achieved during that time, and I would like to thank my 28,000 talented colleagues around the world for all of their hard work, creativity and passion,” said Menezes.
Prior to being appointed COO, Crew was president of Diageo North America and global supply, where she led a 14% organic net sales growth in 2022 following on from 20% organic growth the year earlier.
She previously held the role of president and CEO of tobacco company Reynolds American, while also spending five years at PepsiCo (NASDAQ:PEP).
“I am focused on continuing Diageo's extraordinary track record of building world-leading brands and enhancing our reputation as one of the most responsible businesses in what I believe to be the most exciting consumer products category. It is an incredible privilege to be leading Diageo through the next phase of its development,” said Crew.