Sir Ivan Menezes, the long-serving boss of the world’s biggest spirits maker Diageo, has died at the age of 63 after a short illness.
Menezes, who was chief executive of the £75bn London-listed alcoholic beverage group since 2013 until he stepped back this week, had been in hospital being treated for medical conditions including a stomach ulcer.
On Monday, Diageo, the producer of brands including Guinness, Smirnoff, Gordon’s gin and Johnnie Walker whisky, said Menezes had suffered a “significant setback” over the weekend owing to complications.
As a result, the company announced that Debra Crew would become interim chief executive with immediate effect, weeks before Menezes’ planned retirement at the end of June.
On Wednesday, Javier Ferrán, the chair of Diageo, said: “This is an incredibly sad day. Ivan was undoubtedly one of the finest leaders of his generation.
“Ivan was there at the creation of Diageo and over 25 years shaped Diageo to become one of the best-performing, most trusted and respected consumer companies. His desire to build the world’s best brands never left him.”
Diageo’s market value almost doubled from £42bn to £75bn under the leadership of Menezes, who developed one of the world’s most famous marketing campaigns in the brand-reviving “Keep Walking” ads for Johnnie Walker starting with Harvey Keitel in 1999.
Menezes, who was knighted for services to business and equality in King Charles’s first new year honours list in January, was paid almost £8m last year, including more than £6m in bonus- and incentive-related awards.
Menezes was working at Guinness when it merged with the drinks group Grand Metropolitan in 1997 to form Diageo. The company said achievements during his decade as chief executive included Guinness becoming the biggest-selling beer by value in bars and restaurants in Great Britain for the first time last December.
After the impact of the pandemic on the hospitality industry, Menezes led a recovery that has seen Diageo’s net sales value 36% higher than in 2019.
Menezes, who held UK and US citizenship as well as overseas citizenship for his native India, led a company that has grown, by its own estimates, to account for 10% of the UK’s total food and drinks exports.
Ferrán said: “He has built an extraordinary legacy. Ivan leaves behind many friends and a beloved family, and our thoughts are particularly with his wife, Shibani, and his two children, Nikhil and Rohini. On behalf of the board, executive committee and all our employees, we extend our deepest sympathies to them.”
