Diageo Says Ivan Menezes to Replace CEO Walsh

Global spirits company Diageo named Chief Operating Officer Ivan Menezes as its new chief executive, replacing Paul Walsh who has been at the helm of the firm since 2000.

Menezes will take over the top job from July 1, while Walsh will focus on moving critical partner relationships to Menezes over the next year, the maker of Guinness and Tanqueray gin said in a statement on Tuesday.

"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.