Sky's Ian King says the man who brought 'premiumisation' to the UK drinks giant has achieved great things for shareholders in one of the UK's biggest companies.
The end of an era is approaching at one of the UK's biggest companies.
Not all of that is down to Sir Ivan. He received a solid inheritance from his predecessor, Paul Walsh, who himself was chief executive for nearly 13 years.The business was founded by the 1997 merger of Guinness, which as well as the eponymous stout owned Scotch whisky brands such as Johnnie Walker and Bells, with the food and drink combine Grand Metropolitan.
The share price fell by some 12% during his first year and sales growth continued to slow into Sir Ivan's second year. Where Mr Walsh had ambitiously expanded the size and scope of Diageo's portfolio of drinks brands, Sir Ivan proved just as comfortable in offloading businesses that he felt were not delivering the returns he was looking for, including Diageo's wine business, the Irish whiskey brand Bushmills and the company's stake in the Jamaican brewer of Red Stripe, Desnoes & Geddes.
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