It's time for a new CEO at Diageo (NYSE:DEO) as Paul Walsh is stepping down after 13 years.
On Tuesday, the London-based brewer, vintner, and distiller filed a Form 6-K with the SEC, stating that Chief Executive Officer Walsh will be stepping down from his post on July 1, and retiring from the company entirely by June 30, 2014.
When he leaves the CEO's chair in July, his place will be filled by Chief Operating Officer Ivan Menezes. Diageo Chairman Franz B. Humer said the year-long transition will give Walsh time "to contribute his knowledge and experience during Ivan's first year as Chief Executive Officer." Walsh was appointed CEO in 2000, after having been appointed a director in 1997. Menezes was named chief operating officer in March 2012 and a director of the company in July 2012.