Diageo chief Walsh to step down

PAUL Walsh, the Middleton-born chief executive of Diageo, the FTSE 100 spirits group behind brands such as Smirnoff, Baileys and Johnnie Walker, has announced his retirement.

Mr Walsh, who is 58 later this month, has led the company for the last 13 years. He was educated at Manchester Polytechnic – now called Manchester Metropolitan University – and began his career in business in Manchester at the Co-operative.

He will be replaced as CEO by the group’s chief operating officer Ivan Menezes from July 1 this year, but won’t leave the business until the end of June 2014 to help with the hand-over process.
 
Franz B. Humer, chairman of Diageo said: “Paul is an outstanding chief executive. He has served our business, its shareholders, employees and partners with enormous imagination and dedication over the past 13 years.

“I know he is justly proud of Diageo and its people and he leaves a great legacy for his successor. The board is immensely grateful for his ambitious and thoughtful stewardship of the business and its people.”

Mr Walsh was one of the country’s best-paid executives last year with an overall package of more than £11m.