Beam Suntory president and CEO Albert Baladi will step down later this year, according to a June 18 company press release. The company’s SVP Chief Growth & Brands Officer, Greg Hughes, will transition into the CEO role on October 1st. Baladi will continue to serve as a CEO advisor through the end of the year, and will act as a senior advisor to the company throughout 2024.

The 58-year-old is departing Beam Suntory after a successful 12-year term on the executive leadership team, serving as CEO and president since 2019. During his time as CEO, Baladi launched a sweeping sustainability initiative and helped boost Beam Suntory’s annual sales growth to more than $5 billion.

Baladi says he’s parting with the company amicably, and that he’s optimistic about the company’s future and the potential that his successor has shown in his time with the company. The release did not include Baladi’s post-transition plans.

“This is a decision I have been contemplating for some time with my family, and given the strength of the company, clear growth strategy in place for the future and the right team in place,” says Baladi in the release. “Now is the right time to hand the reins over to my successor, Greg Hughes, and his exceptional leadership.”

Hughes, who has decades of experience in consumer marketing, joined Beam Suntory in 2015. Tak Niinami, president and CEO of Suntory Holdings, praises Baladi’s performance as CEO in the release, and notes his own excitement for Hughes to take the reins. “Greg is ideally suited to succeed Albert as CEO and lead the company’s next era of growth, building on the strong track record under Albert’s leadership,” says Niinami.

Under this new leadership, the company says it aims to continue its pursuit of becoming the “World’s Most Admired Premium Spirits Company.

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