Diageo chief executive to step down

By Lucy Britner

Published: 08 May, 2013

Diageo chief executive Paul Walsh has announced he is to retire from the company and will be replaced by Ivan Menezes from July 1, 2013.

Walsh, who will step down from the board at the September 2013 AGM, will retire from the company on June 30, 2014. His replacement Menezes has been chief operating officer at Diageo since March 2012.

In his last 12 months, Walsh will focus on "transitioning critical partner and external relationships" to Menezes. These will include relationships in connection with recent acquisitions.

Dr Franz B Humer, chairman of Diageo, 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 chief executive 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."

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