Diageo Boss Paul Walsh To Step Down In June

Paul Walsh, the chief executive of FTSE 100 drinks firm Diageo, is to leave the post at the end of June to make way for Ivan Menezes.

The company confirmed Mr Menezes, the current chief operating officer (COO), will assume control on July 1, with 57-year old Mr Walsh supporting the transition until he retires from Diageo in June 2014.

Diageo chairman Franz B Humer 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.

Paul Walsh became Diageo CEO in September 2000

"I know he is justly proud of Diageo and its people, and he leaves a great legacy for his successor.

"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."

He continued: "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."

Diageo's investors have netted £12bn in dividends under Mr Walsh

Faced with sluggish demand in recession-hit European economies, Diageo - like many of its peers in the consumer goods market - has been snapping up brands in emerging markets, where it aims to make around half of its turnover by 2015.

Mr Menezes, who is originally from India, previously headed Diageo's key North America division for eight years before his appointment as COO last year.

Diageo said Mr Walsh had not yet decided what his next move would be, though he has a number of corporate non-executive roles, as well as working as a 'business ambassador' for the Government.

Under his leadership, Diageo's share price grew threefold and the company paid £12bn in dividends to investors.

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