By Scott Kanowsky
Investing.com -- Diageo (LON:DGE) Chief Executive Officer Ivan Menezes has decided to retire from both the helm of the beverage company and its board at the end of June, according to an announcement from the group on Monday.
He will be replaced as CEO by Diageo 's current Chief Operating Officer Debra Crew from July 1. She will also join the board.
In a statement, Diageo Chairman Javier Ferrán said the board had been "diligently planning" Menezes' successor, adding that Crew brings "deep consumer expertise" to her new position.
"I have no doubt that Diageo is in the right hands for the next phase of its growth,” Ferrán said.
Menezes has served as CEO of the London-based firm behind brands like Johnnie Walker whisky and Baileys liqueur since July 2013, and was credited by the business for making strides "towards its ambition to become one of the best performing, most trusted and respected consumer products companies in the world."
His departure comes as Diageo faces declining sales volumes in its key North American market, in a sign that inflation-hit customers may be reining in spending on pricier spirits following a pandemic-era boom in demand. In January, Menezes warned that the operating environment is "challenging," but backed the resilience of the business.