- Diageo has announced that Ivan Menezes will be appointed chief executive with effect from 1 July.

Paul Walsh, who will step down from the board at the September annual general meeting, will retire from the company on 30 June 2014.

In the last 12 months he will focus on transitioning critical partner and external relationships to Menezes. These will include those relationships essential to recent acquisitions.

Chairman Dr Franz B. Humer said: "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. 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.

"We are delighted to have a leader of Ivan's talents and global experience to succeed Paul. The handover is being made at a time when the business is strong and Ivan takes on the role of CEO at an exciting stage of the company's global development. The board is confident that Ivan will inspire our organisation and Diageo will continue to achieve our medium-term performance objectives."

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