Diageo CEO Sir Ivan Menezes just announced his upcoming retirement, according to a March 28 announcement from Diageo. Menezes had served as CEO for a decade and worked for Diageo since 1997, serving one of the longest FTSE chief executive tenures in Britain.
He’s set to retire and step down from the Diageo Board at the end of June. Debra Crew, a U.S. army veteran and the corporation’s current chief operating officer (COO), will step into the role on July 1.
Menezes first joined Diageo in 1997 during a merger of Guinness PLC and Grand Metropolitan PLC, which formed the Diageo corporation. During his decades at the company, Menezes oversaw significant growth (both in portfolio size and sales). The spirits company includes over 200 brands in 180 global markets.
Menezes’ commitment to sustainability is especially highlighted in the Diageo announcement. During his 10-year tenure as CEO, the corporation became the “top one percent of companies globally to achieve a ‘Double A’ rating for Water Security and Climate Change from CDP.”
“I am delighted to be handing over the reins to Debra. In the time that we have worked together, I have been consistently impressed with her passion for growth and for building high performing teams. I am confident that under Debra’s leadership, and with our extraordinary portfolio of brands and culture, Diageo will go on to deliver our long-term performance ambition,” Menezes states in the release.
Crew’s compensation package for the role will include a $1,750,000 salary and 14 percent pension contribution, as well as other benefits.