After serving as the company's CEO for 10 fruitful years, Sir Ivan Menezes has made the decision to retire from his post and depart the Diageo Board on June 30, 2023. Debra Crew, who is now the Chief Operational Officer, will be elevated to Chief Executive Officer and appointed to the Diageo Board with effect from July 1, 2023.
After the merger of Grand Metropolitan plc and Guinness plc, Ivan joined Diageo in 1997. He has held a number of senior posts since then, including those of Chief Operating Officer, President of Diageo North America, Chairman of Diageo Asia Pacific, and Chairman of Diageo Latin America and Caribbean.
Since July 2012, Ivan has served as an executive director for Diageo, and since July 2013, he has served as the organization's CEO. Diageo, which had no significant position until eight years earlier, has significantly grown 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. And in December 2022, Guinness became the most popular beer in Great Britain's on-trade for the first time.
Diageo has become a recognised leader in sustainability under Ivan's direction, receiving a "Double A" certification for climate change and water security from CDP (formerly the Carbon Disclosure Project). The business has also adopted a particularly active approach to diversity and inclusion, coming in second overall and first in the UK in Equileap's 2023 Gender Equality Report.
Debra's appointment as CEO will also result in a greater than 50% female representation on Diageo's Executive Committee as of July 1, 2023. For the past ten years, Diageo has steadily raised dividend payments in an effort to exceed the FTSE100 in terms of total shareholder returns.
For his services to business and equality, Ivan got a knighthood in His Majesty The King's 2023 New Year Honours List. Prior to her appointment as chief operating officer in October 2022, Debra held the positions of president of Diageo North America and global supply.
In that capacity, she managed the 14% organic net sales growth in the company's largest market in fiscal 2022, which followed a 20% organic net sales increase in the prior year. Debra initially became a Non-Executive Director on the Diageo Board in April 2019 and left the Board in July 2020 after being appointed President of Diageo North America.
Debra led Reynolds American, Inc. as president, chief operational officer, and president, chief commercial officer, where she produced exceptional performance growth prior to the acquisition of the business.
Prior to that, Debra spent five years working for PepsiCo in several leadership roles, including president of the Western Europe area, president of PepsiCo Americas Beverages, and president of North America Nutrition. Debra has experience working with Mars, Inc., Kraft Foods, and Nestlé S.A.
Debra earned her undergraduate degree from the University of Colorado and her MBA from the University of Chicago Booth School of Management. She was formerly an Army officer in the US. She has held positions on the boards of Mondlez International and Newell Brands, and she now serves as a member of Stanley Black & Decker, Inc.
Ivan's ten years of service have been much appreciated by the Board, according to Diageo Chairman Javier Ferrán. Under his direction, Diageo has consistently put in an amazing performance, elevating it to the status of one of the most recognised businesses in the world. Diageo's global reach, brand portfolio, and strategic focus have all transformed under Ivan, making our business the unchallenged leader in premium drinks.
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.
