THE number of female bosses in the FTSE 100 is soon to hit double figures for the first time.
Today Diageo said Sir Ivan Menezes will stand down as CEO after a decade at the helm of the drinks giant behind Guinness, Smirnoff, Baileys and Johnnie Walker.
He will be replaced on July 1 by his chief operating officer Debra Crew, a graduate of the University of Denver, who holds an MBA from the University of Chicago Booth School of Business, and who served as an officer in the United States Army.
Crew has previously worked at Kraft Foods, Mars and Pepsi.
She said: “Diageo in a very strong position for future growth and I look forward to working with our teams around the world to capture the opportunities ahead.”
When she takes over she will be the 10th FTSE 100 female boss. The other nine are
Milena Mondini-de-Focatiis of the Admiral Group, Amanda Blanc of Aviva, Alison Rose of NatWest Group, Anne Farlow of Pershing Square Holdings, Liv Garfield of Severn Trent, Emma Walmsley of GlaxoSmithKline, Linda Cook of Harbour Energy. Jennie Daly of Taylor Wimpey’s Jennie Daly and Jette Nygaard-Andersen, boss of Ladbrokes owner Entain.
Pressure groups to increase the number of women at the top say that while progress has been made, more work is to be done.
They also note that a large portion of female bosses come from finance backgrounds, suggesting it is easier for them to get promoted in the City than in the wider commercial world.
Menezes is a popular and well regarded boss in the City. Diageo shares are up 43% in the last five years – today they slipped 20p to 3565p, which values the business at £80 billion.
He was paid £8 million last year.
Diageo chairman Javier Ferrán said: "The Board is enormously grateful for Ivan’s contribution over the past decade. Under his stewardship, Diageo has consistently delivered a truly impressive performance to become one of the most respected businesses in the world. Ivan has transformed Diageo’s global footprint, brand portfolio and strategic focus, positioning our business as a clear leader in premium drinks.”
Menezes said he is “delighted” to be handing over to Crew.
