Alcohol giant Diageo has announced that its COO Ivan Menezes will take charge of the firm as CEO from 1 July (release). Last March, current CEO Paul Walsh said that it was "pretty clear" that Ivan was the "lead internal candidate" for the role. Paul Walsh is to step down from the board this September, and will retire from the company on 30 June.
Chairman Dr Franz B. Humer said:
Paul is an outstanding Chief Executive. He has served our business, its shareholders, employees and partners with enormous imagination and dedication over the past 13 years. I know he is justly proud of Diageo and its people and he leaves a great legacy for his successor. The Board is immensely grateful for his ambitious and thoughtful stewardship of the business and its people. The transition process which has been put in place enables Paul to contribute his knowledge and experience during Ivan's first year as Chief Executive Officer.
We are delighted to have a leader of Ivan's talents and global experience to succeed Paul. The handover is being made at a time when the business is strong and Ivan takes on the role of CEO at an exciting stage of the company's global development. The Board is confident that Ivan will inspire our organisation and Diageo will continue to achieve our medium-term performance objectives.