The head of Diageo, Ivan Menezes, has passed away at the age of 63.
Menezes, who was due to retire at the end of this month, had been in hospital in recent days and “suffered a significant setback due to complications” related to a stomach ulcer over the weekend. Earlier this week, COO Debra Crew, who was confirmed in March as the next in line to become CEO from 1 July, stepped up to the role on an interim basis.
He leaves behind his wife, Shibani, and two children, Nikhil and Rohini.
Prior to spending the last ten years as CEO, Menezes, who was born in India, moved up the ranks in Diageo after joining the group at its inception in 1997. As well as stints heading up regional operations in Latin America & Caribbean, Asia Pacific and North America, he became COO in March 2012 before taking over from outgoing CEO Paul Walsh in July 2013.
During his tenure, Diageo went from posting two consecutive years of flat sales in fiscal 2014 [to the end of June] and 2015 to delivering steadily rising sales up to and including fiscal 2019. Following the Covid-dominated tumble in 12-month sales to June 2020, the subsequent return to growth saw Diageo hit new heights: In the latest full-year period, the group’s top-line leapt by 21.4% versus the corresponding period 12 months earlier.
Menezes received a Knighthood at the start of this year for services to business and to equality.
"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," said Diageo chair Javier Ferrán. "We are truly privileged to have had the opportunity to work alongside such a thoughtful and passionate colleague and friend - a true gentleman.
"Ivan leaves behind many friends and a beloved family ... .On behalf of the board, executive committee and all our employees, we extend our deepest sympathies to them.”
