The long-time boss of FTSE 100 firm Diageo has died just weeks before he was due to retire.

Sir Ivan Menezes had been in hospital for treatment of conditions including a stomach ulcer, the Johnnie Walker whisky-to-Guinness stout maker had previously said.

He died from complications following surgery on the ulcer.

Sir Ivan was 63 and had been due to step down at the end of the month following 10 years at the helm.

Diageo said that CEO-designate, Debra Crew, would take on the role on an interim basis ahead of her formal appointment.

Sir Ivan – a regular guest on Sky’s business programme Ian King Live – joined Diageo in 1997 after its formation through the merger of Guinness and Grand Metropolitan.

He was the brains behind the “Keep Walking” campaign for Johnnie Walker while head of marketing.

Under his decade-long leadership, Diageo became the world’s largest spirits firm through multiple brand acquisitions.

The firm now accounts for 10% of the UK’s total food and drinks exports.

Read more:
Ian King’s tribute to Sir Ivan on news of his retirement

Diageo chairman Javier Ferrán said of the news: “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.

Ivan’s energy and his commitment to diversity created a truly inclusive business and enabled Diageo to have a positive impact on the communities we serve. His passion for our brands was second-to-none and in his heart, he remained the Johnnie Walker marketer from his early days. The desire to build the world’s best brands never left him.”

AJ Bell’s investment director, Russ Mould, said that while the market knew Sir Ivan had been unwell, news of his passing was still a “shock”.

“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.”

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