Guinness owner Diageo has today appointed Chief Operating Officer Debra Crew as CEO to replace retiring long-time boss Ivan Menezes.
Ms Crew becomes one of only a handful of women to lead a company in Britain's blue-chip FTSE 100 index.
The world's biggest spirits company, which makes Johnnie Walker whisky, Tanqueray gin and Don Julio tequila, said Crew, 52, would take up her new role on July 1, bringing the total of female CEO of FTSE 100 members to 10.
An industry veteran who became COO last year, Crew had been president of Diageo North America, its largest market, and Global Supply from 2020.
Her elevation comes as Diageo is trying to cement its dominance in the US and establish several premium brands, in a post-Covid world in which people are going out again and making fewer cocktails at home.
The former US military intelligence officer was previously CEO of tobacco company Reynolds American, where she had also served as COO. Before that Crew held roles at Pepsico, Kraft Foods, Nestle and Mars.
"Crew was the most likely CEO successor, so no surprise there," said Tineke Frikkee, a fund manager at Diageo investor Waverton Asset Management. "She is very experienced in Diageo's largest market, the US"
"The timing of succession is always difficult to predict but with Ivan Menezes aged 63, it was imminent. I expect Diageo strategy to remain unchanged," Frikkee added.
Menezes, who joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997, grew sales sharply and steered the company through multiple brand acquisitions as well as a major sustainability overhaul.
Under his leadership the company become responsible for about a tenth - or £2 billion - of the UK's total food and drinks exports.
Shares in Diageo were down marginally this morning. They have risen about 76% over the past decade, outperforming the pan-European STOXX 600 index and London's blue-chip FTSE 100.
"This had been widely anticipated. Nonetheless, we regard Ivan’s departure as a meaningful loss for Diageo - he’s been a brilliant CEO," RBC analyst James Edward Jones said.
"Diageo was in poor shape when Ivan took over; now it's one of the most impressive companies we cover," he said.
"Debra Crew is something of an unknown quantity to us. She’s got an extensive background in consumer staples - nonetheless, Ivan will be a very hard act to follow."
Laurence Whyatt, analyst at Barclays, said: "The market wants more of the same. Diageo has outperformed in tequila, has excellent marketing capabilities and is making huge inroads into Scotch globally, and particularly in India and LatAm.
"I want to see a continuation of this long-term thinking – laying down more inventory for future premiumisation and continued investment in digital marketing to ensure they stay ahead," he added.
Mr Menezes took home a pay packet of more than £7.8m in the year to June 2022, which included his fixed salary, an annual bonus and a long-term incentive of £3.85m.
He has been at the helm of Diageo during a period of significant growth, the firm said, with it now selling more than 200 brands in 180 markets.
