Ivan Menezes, the CEO of Diageo Plc, has left his position. He was appointed as CEO in 2013.
Menezes has led the company through significant changes, including the acquisition of Don Julio and the expansion of its Scotch portfolio.
Under his leadership, Diageo has seen a significant increase in sales, with a 20% growth in the premium spirits category.
You might like: Diageo Plc Stock
Leaves by Mutual Agreement
Diageo CEO Debra Crew has left the company by mutual agreement, stepping down after just over a year in the role.
Crew took the helm at Diageo in June 2023, moving up from the position of COO. She had been steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.
The company's CFO, Nik Jhangiani, will step in on an interim basis while Diageo seeks a new chief executive. Jhangiani joined the company from Coca-Cola Europacific Partners in September.
Diageo's share price has fallen by more than 40% since Crew became CEO.
For another approach, see: Diageo Plc Dividend
Ivan Menezes' Succession
Ivan Menezes, the long-serving CEO of Diageo, is stepping down after a decade at the helm. He will depart from the Diageo Board on 30 June this year.
Debra Crew, the current chief operating officer, will take over as CEO on 1 July 2023. She has been appointed to the board effective the same date.
Menezes has held various senior positions within Diageo, including COO, president of Diageo North America, and chairman of Diageo Asia Pacific and Diageo Latin America and Caribbean. He has been an executive director of Diageo since July 2012.
Crew is focused on continuing Diageo's track record of building world-leading brands and enhancing its reputation as a responsible business.
The transition comes after Menezes' 10-year tenure as CEO, during which he has been awarded a Knighthood for services to business and equality.
Suggestion: July Systems
Featured Images: pexels.com
