Diageo mourns the passing of CEO Ivan Menezes

“Ivan was there at the creation of Diageo and over 25 years, shaped Diageo to become one of the best performing, most trusted and respected consumer companies."

Drinks giant Diageo has announced the death of its CEO, Sir Ivan Menezes, following his recent hospitalisation.

This news came days after Diageo confirmed that Debra Crew was appointed interim CEO with immediate effect following the hospitalisation of Menezes. Crew, who was previously chief operating officer, was due to take on the role of CEO at the end of its financial year.

The Board of Directors of Diageo has appointed Debra Crew CEO and executive director of Diageo, effective as of 8 June.

Javier Ferrán, chairman of Diageo, expressed deep sorrow at the loss, highlighting Menezes’ exceptional leadership and profound impact on the company.

“This is an incredibly sad day. Ivan was undoubtedly one of the finest leaders of his generation,” said Ferrán. “Ivan was there at the creation of Diageo and over 25 years, shaped Diageo to become one of the best performing, most trusted and respected consumer companies. I saw first-hand his steadfast commitment to our people and to creating a culture that enabled everyone to thrive. He invested his time and energy in people at every level of the company and saw potential that others may have overlooked. This is one of many reasons why he was beloved by our employees, past and present.”

Ferrán continued: “Ivan’s energy and his commitment to diversity created a truly inclusive business and enabled Diageo to have a positive impact on the communities we serve. His passion for our brands was second-to-none and in his heart, he remained the Johnnie Walker marketer from his early days. The desire to build the world’s best brands never left him. We are truly privileged to have had the opportunity to work alongside such a thoughtful and passionate colleague and friend – a true gentleman. He has built an extraordinary legacy.”

Menezes leaves behind him, his wife, Shibani and his two children, Nikhil and Rohini.

Ferrán added: “On behalf of the board, executive committee and all our employees, we extend our deepest sympathies to them.”

Menezes’ tenure at the helm of Diageo garnered widespread acclaim, evidenced by the company’s impressive shareholder returns. Since assuming the role in 2013, Diageo’s investors have enjoyed a remarkable 127% return on their investment, significantly outperforming the FTSE100 index.

Under Menezes’ leadership, Diageo solidified its position as a leading producer in the global spirits market, building upon the strategies implemented by his predecessor, Paul Walsh.

The company’s success extended beyond spirits, with notable advancements in beer, exemplified by Guinness and East African Breweries. Menezes spearheaded efforts to elevate Diageo’s portfolio by pursuing acquisitions such as Don Julio and Casamigos in the tequila sector, as well as adding niche offerings like Don Papa rum.

Menezes exhibited exceptional foresight and expertise in targeting markets for growth, as demonstrated by Diageo’s robust performance in the US market. Despite the disruptions caused by the pandemic, the company’s global business grew by an impressive 36% in 2020 compared to 2019.

During Menezes’s tenure, Diageo grew significantly, and it now sells more than 200 brands in more than 180 markets and is today, the number one company by net sales value in Scotch whisky, vodka, gin, rum, Canadian whisky, liqueurs, and also tequila, a category in which only eight years ago the company had no substantive position. And in December 2022, Guinness became the number one beer in the on-trade in Great Britain for the first time.