Diageo CEO Sir Ivan Menezes dies

Sir Ivan Menezes can be remembered for remodeling Diageo’s fortunes and making it the powerhouse it’s right this moment within the spirit sector. He was enormously admired by the enterprise group and by traders.

AJ Bell’s Russ Mould mentioned: “In his 10 years as chief government, he centered on high-end manufacturers, recognising that client tastes had been evolving and that folks had been ready to pay a premium value for a high quality product.

“Six years in the past, he struck a deal to pay $1 billion for tequila model Casamigos, which on the time raised eyebrows because of the value however has since proved to be a convincing success for the enterprise. It confirmed that Diageo was in a position to transfer with the occasions, whereas additionally conserving its legacy manufacturers together with Guinness related within the fashionable world.

“Sir Ivan paid numerous consideration to tradition throughout the enterprise, whereas additionally ensuring Diageo was a pacesetter within the fields of sustainability, inclusivity and variety.

“A succession plan was already in movement earlier than Sir Ivan turned unwell, that means there isn’t a uncertainty over who will run the enterprise. Nonetheless, information of his demise is a shock and the world of enterprise can be in mourning for one of the crucial extremely revered FTSE 100 leaders.”