Diageo Plc

Diageo shares rose by more than 1.5% in early trading, outperforming the FTSE 100 index

Ivan Manuel Menezes, the India-born CEO of the world's biggest spirits company Diageo, died on Wednesday, days after being hospitalised for treatment of stomach ulcer. Menezes, 64, who was to retire at the end of this month, died in London, the company said. "It is with great sadness that Diageo announces that Sir Ivan Menezes has passed away following a brief illness, with his family at his side," it said in a statement. Diageo had on Monday announced that CEO-designate Debra Crew will assume the top role on an interim basis immediately as Menezes undergoes medical treatment. "Over the weekend, we learned that Ivan's recovery suffered a significant setback due to complications, which followed emergency surgery on the ulcer," Diageo had said in a statement. Pune-born Menezes, whose father Manuel Menezes was the chairman of Indian Railway Board, was educated at the prestigious St Stephen's College in Delhi and Indian Institute of Management, Ahmedabad before going to Kellogg School

The move to stop sales rather than see margins continue to erode is a risky bet, analysts at Mumbai-based Dolat Capital wrote last month, that could complicate the firm's pivot to premium products.

Diageo, the maker of Johnnie Walker whiskey and Tanqueray Gin, currently owns an about 56% stake in United Spirits after slowly building it up over several years

Pernod Ricard SA is creating a brand to join Diageo Plc in the mezcal market