by Christopher Freeburn | May 7, 2013 10:23 am
The man who led the world’s biggest distiller for more than a decade is stepping down.
Diageo (NYSE:DEO) announced on Tuesday that CEO Paul Walsh will leave its top office at the end of June. He will be succeeded by current COO Ivan Menezes, who will become the company’s chief executive on July 1, Bloomberg notes.
Walsh, who led Diageo to divest its stakes in food producers to concentrate on its core liquor business, will remain a member of the company’s board until September. He will stay on at Diageo until June 2014 to help with the succession. During his 13 years running Diageo, the company’s stock price has more than tripled.
In addition to the divestitures, Walsh also moved to acquire a number of smaller spirits-makers, including its purchase of United Spirits Ltd.
Named COO last year, Menezes had formerly headed Diageo’s North American business.
Last year, Diageo said that it planned to spend $1.54 billion to boost its production of Scotch Whiskey by 2017.
Shares of Diageo fell slightly in Tuesday morning trading.
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