Drinks company Diageo has named chief operating officer Ivan Menezes as its new chief executive today, choosing an insider to replace Paul Walsh who has been at the helm of the British firm since 2000.
Menezes will take over the top job from July 1, the maker of Guinness and Tanqueray gin said in a statement.
Walsh will remain with the company over the next year to focus on moving "critical partner relationships" to Menezes, it added.
"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," Diageo chairman Franz Humer said.
Faced with sluggish demand in recession-hit European economies, Diageo - like many of its peers in the consumer goods market - has been snapping up brands in emerging markets, where it aims to make around half of its turnover by 2015.
Menezes headed up Diageo's key North America division for eight years before his appointment as COO last year.
Paul Walsh had not yet decided what his next move would be, a Diageo spokeswoman said. Walsh has a number of corporate non-executive roles, as well as working as a 'business ambassador' for the British government's business department.
