Diageo CEO Ivan Menezes passes away

Earlier this week, Diageo said it had appointed Debra Crew as interim CEO with immediate effect, ahead of her permanent appointment on 1 July, as Menezes was in hospital receiving treatment for medical conditions including a stomach ulcer.

Chairman Javier Ferran 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. I saw first-hand his steadfast commitment to our people and to creating a culture that enabled everyone to thrive.

"He invested his time and energy in people at every level of the company and saw potential that others may have overlooked. This is one of many reasons why he was beloved by our employees, past and present."

Russ Mould, investment director at AJ Bell, said: "Sir Ivan Menezes will be remembered for transforming Diageo’s fortunes and making it the powerhouse it is today in the spirit sector. He was greatly admired by the business community and by investors.

"In his 10 years as chief executive, he focused on high-end brands, recognising that consumer tastes were evolving and that people were prepared to pay a premium price for a quality product.

"Six years ago, he struck a deal to pay $1 billion for tequila brand Casamigos, which at the time raised eyebrows due to the price but has since proved to be a resounding success for the business. It showed that Diageo was able to move with the times, while also keeping its legacy brands including Guinness relevant in the modern world.

"Sir Ivan paid a lot of attention to culture within the business, while also making sure Diageo was a leader in the fields of sustainability, inclusivity and diversity.

"A succession plan was already in motion before Sir Ivan became unwell, meaning there is no uncertainty over who will run the business. However, news of his death is a shock and the world of business will be in mourning for one of the most highly respected FTSE 100 leaders."