Diageo to change CEO
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Ivan Menezes, who for 10 years led Diageo, the world’s largest alcoholic beverages producer, has decided to retire from the company. How reported on the Diageo website, this decision will take effect on June 30, 2023. Mr. Menezes’ successor as CEO will be Debra Crewe, who is now Diageo’s COO.
Ivan Menezes has been with Diageo since its inception in 1997 following the merger of Guinness plc and Grand Metropolitan plc. Until 2013, he went through several senior positions, including chief operating officer and head of regional divisions. In 2013 he was appointed to the post of CEO. During his tenure, Diageo shares rose 52%. The company has significantly expanded its range, its products are sold in more than 180 markets around the world. In the last half of the year, clean sales Diageo is up 9.4% to £9.4bn. Diageo’s shares are reacting today to news of an upcoming CEO change with a slight decline of 0.22%.
Debra Crewe has been Chief Operating Officer of Diageo since October 2022. Prior to that, she led the North America division and led the global supply chain. Crewe joined Diageo in April 2019. Previously, she was President and CEO of Reynolds American, President of PepsiCo, Kraft Foods, Nestle, Mars.
Experts were not surprised by the change in Diageo’s CEO. As told to the agency Reuters Tineke Frikki of Waverton Asset Management, Diageo’s investor, “The timing of a change in leadership is always difficult to predict, but Ivan Menezes is 63 and that moment was clearly not far off.” The choice of Mrs. Crewe as his successor also came as no surprise. “Cru was the most likely successor to the post of CEO … She has a very extensive experience in the largest Diageo market – the United States,” the expert noted.
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