Diageo chief executive to step down

Ivan Menezes, Diageo’s long-standing chief executive, is to retire after ten years at the helm, the drinks giant said on Tuesday.

The blue chip said Menezes would step down from the board at the end of June, and will be replaced by chief operating officer Debra Crew.

Menezes, 63, has spent most of his career at Diageo, joining when the company was created through the merger of Guinness and Grand Metropolitan in 1997. He became chief executive in July 2013.

Crew, who was previously chief executive of tobacco firm Reynolds American, was appointed chief operating officer in October. Prior to that she was president of Diageo North America.

Javier Ferran, chair, said: "Under [Menezes’] stewardship, Diageo has consistently delivered a truly impressive performance.

"Ivan transformed Diageo’s global footprint, brand portfolio and strategic focus, positioning our business as a clear leader in premium drinks."

He added that the board had "diligently" planned for the succession, noting: "Debra has been a highly valued member of Diageo’s leadership team in recent years, with an impressive track record of delivery at both Diageo and across other global consumer goods companies."

Menezes said: "I am delighted to be handing over the reins to Debra. I am confident that under Debra’s leadership, and with our extraordinary portfolio of brands and culture, Diageo will go on to deliver our long-term performance ambition."