Diageo appoints new CEO

Diageo announced Tuesday the appointment of Ivan Menezes as Chief Executive Officer.

Menezes will begin on July 1st and succeeds Paul Walsh who will step down from the board at the annual general meeting in September and retire from the company in June 2014.

Walsh will focus on transitioning critical partner and external relationships to Menezes in his final year.

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"Paul is an outstanding Chief Executive. He has served our business, its shareholders, employees and partners with enormous imagination and dedication over the past 13 years," said Chairman Franz Humer.

"I know he is justly proud of Diageo and its people and he leaves a great legacy for his successor. The board is immensely grateful for his ambitious and thoughtful stewardship of the business and its people. The transition process which has been put in place enables Paul to contribute his knowledge and experience during Ivan's first year as Chief Executive Officer."

RD