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Diageo to replace long-serving CEO

Updated at: 05/07/2013 5:35 AM
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(AP) LONDON - Diageo, the world’s largest distiller, says Ivan Menezes will replace Paul Walsh as the new chief executive.

London-based Diageo PLC, whose brands include Johnnie Walker, Smirnoff and Guinness, says the appointment will take effect in July. Walsh will retire from the company in June 2014. Until then, he will help the new CEO and focus on external relationships.

Walsh has served for 13 years as head of the company. His tenure has included the purchase of a stake in United Spirits, the Indian drinks conglomerate.

It now has offices in 80 countries with manufacturing facilities throughout the world, including Britain, North America, Africa and South America.

Menezes was appointed chief operating officer in March 2012.

Diageo shares were trading 0.1 percent higher Tuesday, at 1975 pence.

(Copyright 2013 by The Associated Press. All Rights Reserved.)