Ivan Menezes, CEO of Diageo, passed away at age 63 following a brief illness.
The long-serving CEO of Diageo, the largest producer of spirits in the world, Sir Ivan Menezes, passed away at age 63 following a brief illness.
Menezes, who served as the £75 billion London-listed liquor group’s chief executive from 2013 until he resigned this week, was receiving medical treatment in the hospital for several ailments, including an ulcer in his stomach.
Menezes experienced an “important setback” over the weekend due to problems, according to a statement made on Monday by Diageo, the company that makes products including Smirnoff, Johnnie Walker whisky, Gordon’s gin, and Guinness.
The outcome was that, weeks before Menezes’ anticipated departure at the end of June, the business declared Debra Crew to be the interim chief executive with immediate impact.
This is a really sad day, said Diageo chairman Javier Ferrán on Wednesday. Ivan was unquestionably among the best administrators of his generation.
Menezes, who created one of the most well-known advertising campaigns in history with the brand-reviving ‘Keep Walking’ advertisements for Johnnie Walker beginning with Harvey Keitel in 1999, practically doubled Diageo’s valuation from £42 billion to £75 billion during his tenure as CEO.
Menezes received about £8 million in compensation last year, plus more than £6 million in reward and incentive-related rewards. Menezes was knighted for contributions to business and equality in King Charles’s first list of new year’s honours in January.
Menezes was employed by Guinness when it combined with the beverage company Grand Metropolitan to establish Diageo in 1997. Guinness became the most valuable beer sold in pubs and restaurants in Great Britain for the first time in December, according to the corporation, one of his accomplishments during his ten years as CEO.
Menezes oversaw a rebound after the pandemic’s negative effects on the hotel sector, which resulted in a 36% increase in Diageo’s net sales value from the previous year.
Menezes oversaw a business that, by its own calculations, now accounts for 10% of all food and beverage exports from the UK. He held dual citizenship in the US and the UK in addition to his native India.
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