Diageo to appoint Debra Crew as CEO on retirement of Sir Ivan Menezes

Following ten successful years as the company's CEO, Sir Ivan Menezes has decided to step down from his position and leave the Diageo Board on June 30, 2023. With effect from 1 July 2023, Debra Crew, who is currently the Chief Operating Officer, will be promoted to Chief Executive Officer and added to the Diageo Board.

Ivan joined Diageo in 1997 after Guinness plc and Grand Metropolitan plc merged. Since then, he has held several executive positions, including those of Chief Operating Officer, President of Diageo North America, Chairman of Diageo Asia Pacific, and Chairman of Diageo Latin America and Caribbean.

Ivan has been a Diageo executive director since July 2012 and has been the company's CEO since July 2013. Diageo has expanded significantly during this time, selling more than 200 brands in more than 180 markets, and is currently the leading company by net sales value in Scotch whisky, vodka, gin, rum, Canadian whisky, liqueurs, and tequila, a category in which it had no significant position until eight years earlier. And in December 2022, Guinness for the first time overtook all other beers in the on-trade in Great Britain.

Under Ivan's leadership, Diageo has established itself as a global leader in sustainability, earning a "Double A" rating for water security and climate change from CDP (formerly the Carbon Disclosure Project). The company has also taken a particularly aggressive stance on inclusion and diversity, placing first in the UK and second overall in Equileap's 2023 Gender Equality Report.

Also, starting on July 1, 2023, women will make up more than 50% of Diageo's Executive Committee thanks to Debra's selection as CEO. Diageo has consistently increased dividend payments over the previous ten years, continuing its progressive goal of outperforming the FTSE100 in terms of overall shareholder returns.

Ivan received a knighthood in His Majesty The King's 2023 New Year Honours List for his contributions to business and equality. Debra served as President of Diageo North America and Global Supply until being named Chief Operating Officer in October 2022.

In that role, she oversaw the company's largest market's 14% organic net sales growth in fiscal 2022, following 20% organic net sales rise the previous year. Debra first joined the Diageo Board in April 2019 as a Non-Executive Director before resigning from the Board in July 2020 after being named President, Diageo North America.

Debra worked as president and chief operating officer and president and chief commercial officer of Reynolds American, Inc., where she generated outstanding performance growth before the company's purchase.

Previous to that, Debra worked for PepsiCo for five years, holding the positions of president of the Western Europe region, president of PepsiCo Americas Beverages, and president of North America Nutrition. Debra has worked at Kraft Foods, Nestlé S.A., and Mars, Inc.

Debra is a University of Colorado alumna who also holds an MBA from the University of Chicago Booth School of Management. She was once an officer in the US Army. She has served on the boards of Newell Brands and Mondlez International and is presently a member of the Stanley Black & Decker, Inc.

Diageo Chairman Javier Ferrán stated: "The Board is extremely appreciative of Ivan's service over the past ten years. Diageo has continually produced a very amazing performance under his leadership, making it one of the most reputable companies in the world. Ivan has changed Diageo's worldwide reach, brand portfolio, and strategic emphasis, establishing our company as the undisputed leader in premium beverages.

Ivan has fostered a diverse and brilliant global workforce while generating consistent shareholder returns. He has also made great strides in solving our company's most pressing sustainability problems. We once more express our gratitude to Ivan for all he has done to advance Diageo and wish him well as he departs.

The Board carefully considered Ivan's replacement, and we are pleased to have chosen a leader of Debra's calibre for the position. In recent years, Debra has been a highly valued part of Diageo's leadership team. She has a proven track record of success at both Diageo and other major international consumer products firms.

She has extensive knowledge of the consumer goods sector, as well as demonstrated strategic abilities, strong operational performance, and a clear capacity for team building and leadership. I am certain that Diageo is in good hands for the next stage of its development.

Diageo's CEO, Sir Ivan Menezes, stated: "It has been a tremendous honour to lead Diageo over the past ten years. I want to thank my 28,000 amazing coworkers throughout the world for their dedication, inventiveness, and enthusiasm on behalf of myself and the accomplishments we have made in that time. I am really proud of what we have accomplished. I also want to express my gratitude to the Board for all of their support, challenges, and encouragement throughout the years.

Debra will be taking over soon, and I couldn't be happier. She has continually impressed me with her drive for growth and for creating high-performing teams over the period that we have worked together. I am sure that Diageo will continue to achieve its long-term performance target under Debra's leadership and with our great portfolio of brands and culture.

"I am honoured to be named Chief Executive Officer of Diageo," said Debra Crew, Chief Operational Officer of the company. Ivan leaves Diageo in an excellent position for continued expansion, and I am looking forward to working with our people throughout the world to seize the possibilities that lie ahead.

In what I consider to be the most exciting consumer products sector, I am committed to continuing Diageo's great track record of creating global brands and increasing our standing as one of the most ethical companies. It is a tremendous honour to steer Diageo through its upcoming stage of development.