Diageo CEO Ivan Menezes to Step Down After Nearly a Decade in Role -- Update
March 28 2023 - 05:10AM
Dow Jones News
By Elena Vardon and Michael Susin
Diageo PLC on Tuesday said that Chief Executive Ivan Menezes
will be retiring after nearly 10 years in the role and will be
replaced by current Chief Operating Officer Debra Crew.
The London-based maker of Johnnie Walker Scotch whisky, Guinness
stout and Smirnoff vodka said Mr. Menezes will leave the board on
June 30 and Ms. Crew will join on July 1.
Mr. Menezes is credited with growing the business significantly
since he became CEO in July 2013 with, Diageo now selling around
200 brands in more than 180 markets.
"The board is enormously grateful for Ivan's contribution over
the past decade...Ivan has transformed Diageo's global footprint,
brand portfolio and strategic focus, positioning our business as a
clear leader in premium drinks," Chairman Javier Ferran said.
Mr. Menezes joined the group in 1997 through the merger of
Guinness PLC and Grand Metropolitan PLC and since then has held a
number of senior positions in the business, serving as CEO from
Ms. Crew, who has been COO since October 2022, has previously
served as president of Diageo North America and global supply
divisions, the company said. Before that, she was president and CEO
of Reynolds American, Inc., following a number of executive
"Debra has been a highly valued member of Diageo's leadership
team in recent years with an impressive track record of delivery
both at Diageo and across other global consumer goods companies.
She has deep consumer industry expertise as well as proven
strategic capabilities, strong operational performance and a clear
ability to build and lead teams. I have no doubt that Diageo is in
the right hands for the next phase of its growth," Mr. Ferran
Despite being widely anticipated, the retirement of Mr. Menezes
is a loss for Diageo given his successful tenure, RBC Capital
Markets analysts James Jones and Emma Letheren said in a note. "We
think Diageo was in poor shape when Ivan took over; now it's one of
the most impressive companies we cover," they said.
On the other hand, Crew has an extensive background in consumer
staples but is something of an unknown quantity, they added.
Shares at 0813 GMT were down 24.0 pence, or 0.7%, at 3,559.0
Write to Michael Susin at email@example.com and Elena Vardon
(END) Dow Jones Newswires
March 28, 2023 04:55 ET (08:55 GMT)
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