Diageo appoints new Chief Executive Officer

Diageo PLC announced on Tuesday that Ivan Menezes, who has served as the company's Chief Executive for nearly a decade, will retire from his position. Debra Crew, who currently holds the role of Chief Operating Officer, will take over as the new Chief Executive.

Diageo, a company based in London and known for producing popular alcoholic beverages such as Johnnie Walker Scotch whisky, Guinness stout, and Smirnoff vodka, stated that Ivan Menezes will step down from the board on June 30, while Debra Crew will become a member of the board starting from July 1.

Ivan Menezes is acknowledged for his significant contribution in growing the business of Diageo since he assumed the position of CEO in July 2013.

Under his leadership, Diageo expanded its portfolio to include approximately 200 brands and has established a presence in more than 180 markets around the world.

Javier Ferran, the Chairman of Diageo, expressed his gratitude towards Ivan Menezes for his valuable contribution to the company over the last ten years. Ferran credited Menezes for his role in transforming Diageo's global presence, brand portfolio, and strategic direction, which have enabled the company to become a prominent player in the premium drinks market.

Ivan Menezes became a part of Diageo through the merger of Guinness PLC and Grand Metropolitan PLC in 1997. He has held various senior positions within the company since then, and was appointed as the CEO in July 2013.

According to the company, Debra Crew, who has been the Chief Operating Officer of Diageo since October 2022, has previously held senior leadership positions within the organization, including President of Diageo North America and Global Supply divisions. Before joining Diageo, she was the President and CEO of Reynolds American, Inc., and had also served in other executive roles.

In a note, RBC Capital Markets analysts James Jones and Emma Letheren stated that although Ivan Menezes' retirement was expected, it is still a loss for Diageo given his successful tenure. They noted that under Menezes' leadership, Diageo transformed into an impressive company from a less favorable position.

The analysts also mentioned that Debra Crew has a strong background in consumer staples, but as a relatively new addition to the leadership team, her potential impact on the company's future is yet to be determined.