Walsh steps down as Diageo boss

Diageo boss, Paul Walsh, is handing over the reigns of the business to Chief Operating Officer, Ivan Menezes, who will replace Paul Walsh as Chief Executive of Diageo from 1st July. Walsh, who will step down from the Board at the September 2013 Annual General Meeting, will retire from the company on 30 June 2014.
The news was not unexpected. 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 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.”
Walsh, 57, joined Diageo in 1997 and became CEO of Diageo in 2000. He is credited with transforming the company from a food and drinks business to a company that focussed on its core premium drinks brands. And during his tenure Diageo’s share price has trebled. Walsh is expected to take on the role of Chairman at Unilever when he leaves Diageo, a company that he is currently a non-executive director of.