Walsh to step down after 13 years as Diageo's chief executive Paul Walsh is to step down as chief executive of Diageo, with the world's largest distiller by volumes anointing Ivan Menezes, chief operating officer, to take over the helm in July. Mr Walsh, 58, has headed the maker of Johnnie Walker whisky and Smirnoff vodka for the past 13 years, and is one of the FTSE 100"s longest serving chief executives. Mr Walsh is also among the highest paid executives in the blue-chip index, last year receiving a total remuneration package of more than £11.2m. His tenure at the British company has been marked by a series of acquisitions, including the takeover of Seagrams, the drinks maker, in a £5.5bn joint bid with France's Pernod Ricard shortly after he took over as chief executive in late 2000. Under Mr Walsh's leadership, Diageo has also turned its attentions to emerging markets, with recent acquisitions of local liquors in China, Turkey and Brazil, as well as a move to boost its stake in India's United Spirits. Emerging markets account for 43 per cent of Diageo's sales, and the company is targeting 50 per cent by February 2016. Mr Walsh's strategy during his 13-year reign has also been to focus on a portfolio of core brands - such as Tanqueray gin, Guinness stout and Baileys Irish cream - and market them aggressively. The company's shares have more than tripled in value since Mr Walsh took over in September 2000, from 590p to almost £20. Mr Walsh will stay on in an advisory role until mid-2014 to enable a smooth transition of power to Mr Menezes, who is 53. In the final 12 months [Mr Walsh] will focus on the transition of critical partner and external relationships to Ivan. These will include those relationships essential to recent acquisitions," said the maker of Captain Morgan rum and Crown Royal Canadian whisky on Tuesday. Franz Humer, Diageo chairman, said: "We are delighted to have a leader of Ivan's talents and global experience to succeed Paul. The handover is being made at a time when the business is strong and Ivan takes on the role of chief executive at an exciting stage of the company's global development. Mr Walsh said: "The pivotal role which Ivan has played in building this position for the business demonstrates that he is the right person to lead Diageo on the next stage of its journey." Diageo shares were flat at £19.75 in early trading.