# Diageo appoints Debra Crew as CEO following Sir Ivan Menezes retirement

- Link: https://www.directorstalkinterviews.com/diageo-appoints-debra-crew-as-ceo-following-sir-ivan-menezes-retirement/4121112288
- Published: 2023-03-28T07:22:33+01:00
- Author: Amilia Stone

**[Diageo plc](https://www.directorstalkinterviews.com/ftse-company/diageo-plc/dge.l)**(
[LON:DGE](https://www.directorstalkinterviews.com/ftse-company/diageo-plc/dge.l))
has announced that Sir Ivan Menezes has decided to retire as Chief Executive Officer
and depart from the Diageo Board on 30 June 2023, following ten successful years
leading the Company. Debra Crew, currently Chief Operating Officer, will be appointed
Chief Executive Officer and join the Diageo Board, effective 1 July 2023.

Ivan joined Diageo through the merger of Guinness plc and Grand Metropolitan plc
in 1997 and has held a number of senior positions in the business including Chief
Operating Officer; President, Diageo North America; Chairman, Diageo Asia Pacific;
and Chairman, Diageo Latin America and Caribbean. Ivan has been an Executive Director
of Diageo since July 2012 and has served as Chief Executive Officer since July 2013,
overseeing an outstanding period of change, growth and high performance.

During Ivan’s tenure, Diageo has made great strides towards its ambition to become
one of the best performing, most trusted and respected consumer products companies
in the world. Diageo has grown significantly during this period, now selling over
200 brands in more than 180 markets and is today, the number one company by net 
sales value in Scotch whisky, vodka, gin, rum, Canadian whisky, liqueurs, and also
tequila^(1), a category in which only eight years ago the company had no substantive
position. And in December 2022, Guinness became the number one beer in the on-trade
in Great Britain for the first time^(2).  

Led by Ivan, Diageo has developed a leadership position in [sustainability](https://www.directorstalkinterviews.com/sustainability-green-stocks-news),
becoming one of the top 1% of companies globally to achieve a “Double A” rating 
for Water Security and Climate Change from CDP (formerly the Carbon Disclosure Project),
as well as a particularly strong stance on inclusion and diversity, with the company
ranked number one in the UK, and number two globally, in Equileap’s 2023 Gender 
Equality Report. And with Debra’s appointment as Chief Executive Officer, women 
will make up more than 50% of Diageo’s Executive Committee from 1 July 2023. During
the past decade, Diageo’s total shareholder returns have strongly outperformed the
FTSE100, and the Company has continued its progressive policy to increase dividends
every year. In January 2023, Ivan was awarded a Knighthood for services to Business
and to Equality in His Majesty The King’s 2023 New Year Honours List.

Prior to being appointed Chief Operating Officer in October 2022, Debra was President,
Diageo North America and Global Supply, leading Diageo’s largest market to 14% organic
net sales growth in fiscal 2022, following on from 20% organic net sales growth 
in the prior year. Debra originally joined the Diageo Board as a Non-Executive Director
in April 2019, before stepping down from the Board when appointed President, Diageo
North America in July 2020.

Debra is the former President and CEO of Reynolds American, Inc., where she delivered
strong performance growth before the company’s acquisition, having previously served
as President and Chief Operating Officer, and President and Chief Commercial Officer.
Prior to that, Debra spent five years at PepsiCo, where she served as President,
North America Nutrition; President, PepsiCo Americas Beverages; and President, Western
Europe Region. Prior to PepsiCo, Debra held positions with Kraft Foods, Nestlé S.
A. and Mars, Inc.

Debra is a graduate of the University of Denver, earned an MBA from the University
of Chicago Booth School of Business, and previously served as an officer in the 
United States Army. She currently serves on the board of Stanley Black & Decker,
Inc., having previously served on the boards of Newell Brands and Mondēlez International.

> **Javier Ferrán, Chairman, Diageo**, said: “The Board is enormously grateful for
> Ivan’s contribution over the past decade. Under his stewardship, Diageo has consistently
> delivered a truly impressive performance to become one of the most respected businesses
> in the world. Ivan has transformed Diageo’s global footprint, brand portfolio 
> and strategic focus, positioning our business as a clear leader in premium drinks.
> At the same time as delivering consistent shareholder returns, Ivan has nurtured
> a diverse and talented global workforce and made significant progress on the most
> material sustainability issues facing our business. Ivan leaves Diageo extremely
> well positioned for future growth, and we thank him again for everything he has
> helped us to achieve.
> The Board has diligently planned for Ivan’s successor, and we are delighted to
> have appointed a leader of Debra’s calibre to the role. Debra has been a highly
> valued member of Diageo’s leadership team in recent years with an impressive track
> record of delivery both at Diageo and across other global consumer goods companies.
> She has deep consumer industry expertise as well as proven strategic capabilities,
> strong operational performance and a clear ability to build and lead teams. I 
> have no doubt that Diageo is in the right hands for the next phase of its growth.”

> **Sir Ivan Menezes, Chief Executive Officer, Diageo**, said: “It has been an enormous
> honour leading Diageo over the past decade. I am extremely proud of what we have
> achieved during that time, and I would like to thank my 28,000 talented colleagues
> around the world for all of their hard work, creativity and passion. I would also
> like to thank the Board for their encouragement, challenge and support over the
> years.
> 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.”

> **Debra Crew**, **Chief Operating Officer, Diageo,** said: “I am delighted to 
> be appointed Chief Executive Officer of Diageo. Ivan leaves Diageo in a very strong
> position for future growth and I look forward to working with our teams around
> the world to capture the opportunities ahead.
> I am focused on continuing Diageo’s extraordinary track record of building world-
> leading brands and enhancing our reputation as one of the most responsible businesses
> in what I believe to be the most exciting consumer products category. It is an
> incredible privilege to be leading Diageo through the next phase of its development.”

**Notes to editors:**

·     Debra Crew will be appointed Chief Executive Officer and join the board on
1 July 2023.

·    Ivan Menezes is one of Britain’s longest serving FTSE Chief Executives and 
has transformed Diageo into one of the world’s leading premium drinks company, accounting
for 10% (£2bn) of the UK’s total food and drinks exports.

·    Ivan has championed women and ethnic diversity in business, and today, 47% 
of Diageo’s Executive Committee are women and 47% are also ethnically diverse.

·    In February 2023, Diageo was named the top company for female representation
at board level in the FTSE Women Leaders Review.

·    Ivan was Chairman of Movement to Work from 2017-2020, a UK voluntary organisation
committed to tackling youth unemployment delivering 100,000 structured work placements
for young people, with over 55% of participants securing permanent jobs.

·    Ivan is a Non-Executive Director of Tapestry Inc.; Chairman of the Council 
of The Scotch Whisky Association; and a member of the Global Advisory Board at Kellogg
School of Management, Northwestern University.

**Supplementary Information:**

Full details of Debra Crew’s future remuneration will be included in the Directors’
Remuneration Report for the year ending 30 June 2023, following her appointment 
to the Board on 1 July 2023. Her remuneration package will include an annual salary
of $1,750,000 and a pension contribution (or allowance in lieu) of 14% of base salary,
in line with the maximum pension contribution level for new employees to the UK 
workforce. 

Debra will also have an annual incentive plan opportunity, bonus deferral, long 
term incentive plan opportunity and shareholding requirement as an Executive Director
in accordance with Diageo’s remuneration policy, as approved by shareholders.

Information about the retirement terms for Ivan Menezes will be posted on the company’s
website in due course in accordance with the Companies Act requirements.

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