Like her deceased predecessor, the new head of the British spirits manufacturer is focusing on expansion with expensive premium brands.
(Photo: Diageo)
London Due to the serious illness and sudden death of long-time Diageo boss Ivan Menezes, the world’s largest spirits manufacturer is undergoing a management change faster than planned. The 52-year-old American Debra Crew has now taken over as CEO with immediate effect, the company announced on Wednesday. Actually, she shouldn’t move up until July 1st.
Menezes died on Tuesday at the age of 63 after a short, serious illness. He headed the company for a decade. Chairman of the supervisory board Javier Ferran spoke of an “incredibly sad day”. “Ivan has been with Diageo since its creation and over 25 years has transformed Diageo into one of the highest performing, most trusted and most respected consumer products companies,” said Ferran.
With the rise of Crew, another woman takes the helm at one of Britain’s largest companies. There are now eight female CEOs in the FTSE 100 listed companies.
Ivan Menezes had expanded Diageo through numerous acquisitions
Crew is a seasoned executive in the consumer goods industry, having worked for Reynolds Tobacco, PepsiCo and Kraft, among others, before joining Diageo. At Diageo, she was initially responsible for the important North American market before moving to the London headquarters in October 2022 as Chief Operating Officer.
The manager with military training takes over the management of Diageo after Menezes had continued to expand the spirits manufacturer through numerous acquisitions. According to its own statements, the producer is responsible for ten percent of British beverage and food exports.
The late Diageo boss was appointed Sir just a few months ago for his achievements.
(Photo: REUTERS)
Today, the portfolio includes more than 200 brands, including well-known names such as Johnnie Walker whiskey, Smirnoff vodka, Baileys cream liqueur and the Irish beer brand Guinness. Critics accused the late CEO of preferring to buy new brands rather than develop his own.
Most recently, the main driver of growth was the tequila business, which has contributed more than half to Diageo’s sales growth over the past five years. The British group had taken over the tequila brand Don Julio and the manufacturer founded by actor George Clooney Casamigos in the past decade.
Crew has already announced that it will continue on the course Menezes has set and focus on expensive global premium brands. “We think investors will see them as reliable,” said Alicia Forry, an analyst at investment firm Investec, back in March.
With agency material.
More: Outgoing Diageo boss Menezes dies