GLOBAL: Walsh to retire as Diageo CEO, Menezes to step in

By | 7 May 2013

Paul Walsh has confirmed his intention to retire from Diageo, with Ivan Menezes set to become CEO in July

Paul Walsh has confirmed his intention to retire from Diageo, with Ivan Menezes set to become CEO in July

Diageo has begun the long-expected transition of its CEO-ship from Paul Walsh to Ivan Menezes, with the switch set to take place on 1 July.

The company confirmed this morning (7 May) that Menezes will move up from the position of COO this summer, with Walsh also stepping down from the board at this year's AGM in September. Walsh will retire from Diageo altogether on 30 June next year, and will spend the next 12 months “transitioning critical partner and external relationships” to Menezes.

Having spent 13 years heading up the drinks giant, Walsh is expected to become chairman of Unilever at some point in the near future, just-drinks understands.

'Paul is an outstanding chief executive,” said Diageo's chairman, Dr Franz Humer. “He has served our business, its shareholders, employees and partners with enormous imagination and dedication over the past 13 years. The board is immensely grateful for his ambitious and thoughtful stewardship of the business.”

Menezes, then president of Diageo's North America operations, was appointed to the newly-created COO role in February 2012, with observers predicting at the time that he would replace Walsh at the helm at some point.

Expert analysis

Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review

Diageo plc (Diageo) is one of the world's leading companies in the beverage alcohol industry. The company carries out the production and distribution of spirits, beer and wine. The key brands of the company include Johnnie Walker, Smirnoff, Captain Morgan, Baileys Original Irish Cream, J&B, Tanqueray, Guinness, Crown Royal Canadian, Beaulieu Vineyard and Sterling Vineyards, and Bushmills Irish. Diageo also has distribution rights for the Jose Cuervo tequila brands in North America and various other markets.

Sectors: Beer & cider, HR – personnel, Spirits, Wine

Companies: Diageo

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GLOBAL: Walsh to retire as Diageo CEO, Menezes to step in

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