Diageo insider to replace Walsh as chief executive

Guinness owner Diageo reshuffled its management yesterday, with a company insider becoming the boss of the world’s biggest spirits firm, suggesting there will be no major change in strategy.

Chief operating officer Ivan Menezes will replace Paul Walsh, who is stepping down after 13 years, the maker of Bushmills whiskey and Tanqueray gin said.

The value of Diageo has tripled under Mr Walsh but the firm has struggled recently in some of its attempts to make acquisitions in emerging markets. Diageo was formed in 1997 by a merger of Grand Metropolitan and Guinness.