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☆ Ivan Menezes, Longtime CEO of Guinness Maker Diageo, Dies at 63
▼ + stars: | 2023-06-07 | by ( Joseph Hoppe | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, ivan, menezes Organizations: guinness, diageo

☆ Diageo's long-time boss Ivan Menezes dies after brief illness
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

June 7 (Reuters) - Diageo (DGE.L) on Wednesday said long-time boss Ivan Menezes, who held the CEO role at the world's biggest spirits company for 10 years, had died after a brief illness. The 63-year-old, who was set to retire at the end of this month, was in hospital receiving treatment for conditions including a stomach ulcer, the Johnnie Walker whisky maker announced this week. British-American national Menezes, born in the Indian city of Pune, joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997. The executive, who was behind the "Keep Walking" campaign for Johnnie Walker when he was marketing head, previously held roles at Whirlpool and Nestle. Menezes, who was awarded a knighthood this year, is survived by his wife and two children.

Persons: Ivan Menezes, Johnnie Walker, Debra, Menezes, Ivan, Javier Ferrán, Julio, Arvind Subramanian, Subramanian, Menzes, Eva Mathews, Sinchita Mitra, Dhanya Skariachan, Sherry Jacob, Phillips, David Evans Organizations: Diageo, American, Guinness, Grand Metropolitan, Whirlpool, Nestle, Government of, Indian Institute of Management, Thomson Locations: Indian, Pune, Government of India, Ahmedabad, India, Bengaluru

☆ Diageo's long-time boss Ivan Menezes passes away after brief illness
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Diageo (DGE.L) said on Wednesday long-time boss Ivan Menezes has passed away following a brief illness. The announcement comes after the world's biggest spirits company on Monday said CEO-designate Debra Crew would assume the top role on an interim basis immediately as Menezes was under medical treatment. British-American national Menezes, 63, who was born in the Indian city of Pune, joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997. Sales at Diageo, the maker of Johnnie Walker whisky, Tanqueray gin and Don Julio tequila, surged under Menezes' leadership, and he steered the company through multiple brand acquisitions as well as a major sustainability overhaul. Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Ivan Menezes, Debra, Menezes, Johnnie Walker, Julio, Eva Mathews, Sherry Jacob, Phillips Organizations: Diageo, American, Guinness, Grand Metropolitan, Thomson Locations: Indian, Pune, Bengaluru

☆ Diddy is suing the co-owner of his tequila for racial discrimination
▼ + stars: | 2023-06-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Sean “Diddy” Combs is suing Diageo for racial discrimination, claiming that the spirits company that produces DeLeón — the tequila he co-owns with the company — failed to market DeLeón on par with its other brands, including Don Julio and George Clooney’s Casamigos brands. Tequila sales have grown in the United States in recent years, according to data from Distilled Spirits Council of the United States. However, Combs said that his tequila brand hasn’t benefited from the same growth as Casamigos or other tequilas. “While Diageo invested in and expanded its other brands — many of which were acquired after Ciroc and DeLeon — Mr. Combs’ brands were allowed to wither,” it said. In 2013, Combs bought DeLeón and formed a joint venture with Diageo for the high-end tequila.

Persons: Sean “ Diddy ” Combs, Don Julio, George Clooney’s, Combs, Ciroc, DeLeon, DeLeon — Mr, Martha Stewart, DEO, “, we’ve, Diddy, ” Organizations: New, New York CNN, Diageo, Diageo “ kneecapped, Ciroc, Tequila, Casamigos, “, CNN, ” Locations: New York, United States

☆ Here's why Diddy is suing Diageo over his vodka and tequila brands
▼ + stars: | 2023-06-01 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Diddy attends The After, hosted by the entrepreneur and Doja Cat, powered by Ciroc Premium Vodka and DeLeon Tequila at Club Love in New York City, May 1, 2023. Sean "Diddy" Combs is suing multinational spirits giant Diageo for alleged racial discrimination in the handling of his vodka and tequila brands, which Combs claims the company typecast as "Black brands." In a lawsuit filed Wednesday with the New York Supreme Court in Manhattan, Combs' lawyers accuse Diageo of neglecting his Ciroc vodka and DeLeon tequila brands, and of marginalizing their appeal by marketing them as "urban" brands. Following the success of the partnership, Diageo co-purchased the DeLeon tequila brand with Combs' company in 2013. Diageo, a multibillion-dollar, publicly traded spirits company based in London, owns more than 200 brands, including the Don Julio tequila brand.

Persons: Diddy, DeLeon Tequila, Sean, Combs, DeLeon, Puffy, George Clooney's, Clooney's, Bump Williams, Don Julio, Stephen Rust, Martha Stewart, Rust, They're Organizations: Diageo, New York Supreme, Clooney's Casamigos, Nielsen, CNBC Locations: New York City, Manhattan, London, Ciroc

☆ Diddy Accuses Diageo of Abandoning His Tequila
▼ + stars: | 2023-05-31 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

DeLeón, a tequila brand co-owned by Sean ‘Diddy’ Combs and Diageo, ranks 28th among tequila brands in the U.S. by sales. Photo: Mike Coppola/Getty ImagesSean “Diddy” Combs sued Diageo on Wednesday, alleging that the spirits company has neglected the DeLeón tequila brand it co-owns with the music mogul. At the same time, the lawsuit says, Diageo has poured resources into two other tequilas, including Casamigos, the George Clooney-backed brand that Diageo agreed to buy in 2017 for up to $1 billion.

Persons: Sean ‘ Diddy ’ Combs, Mike Coppola, Sean “ Diddy ” Combs, George Clooney Organizations: Diageo Locations: U.S

LONDON/BERLIN, May 30 (Reuters) - Nestle (NESN.S), the world's biggest packaged food company, said on Tuesday it had hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer. Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role. Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle as soon as she is released from her current duties. "We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said. Rival Unilever Plc (ULVR.L) also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.

☆ This winning fund puts a spin on emerging markets investing with bets from Nvidia to Chinese spirits
▼ + stars: | 2023-05-28 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Artisan Developing World Fund (ARTYX) is crushing the market this year by tilting the traditional investing principles in emerging markets. "These are companies that are based in developed markets but economically tied to emerging markets," Kaufman said in an interview. By domicile, Artisan Developing World Fund has just 57% of its portfolio in emerging markets. However, the emerging markets exposure should rise to 70% when looking at the economic exposure by revenue, Kaufman said. Other than those passport companies, the fund also invests in a slew of companies domiciled in emerging markets.

☆ Warren Buffett's Berkshire Hathaway adds Capital One and these other stocks to holdings
▼ + stars: | 2023-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway made a slew of changes to its massive equity portfolio last quarter, including adding a financial stock during the latest banking crisis, according to a new regulatory filing. The Omaha-based conglomerate built a new stake in Capital One Financial in the first quarter, worth more than $950 million, the filing showed. Apple, Activision and more Berkshire hiked its two biggest holdings - Apple and Bank of America - slightly in the first quarter. Buffett said at Berkshire annual meeting that "it's not good news when any company passes its dividend, or cuts its dividend dramatically." Outside of top holdings, Berkshire added a small stake - worth about $40 million - in Diageo , a British alcoholic beverage company.

☆ Berkshire invests in Capital One, sheds four stocks
▼ + stars: | 2023-05-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Buffett's company made its disclosures in a regulatory filing listing its U.S.-traded stocks as of March 31. Capital One shares rose 5.7% in after-hours trading following Berkshire's disclosure of a 9.92 million share stake worth about $954 million. In Monday's filing, Berkshire also revealed a new $41.3 million stake in Diageo Plc (DGE.L), the maker of alcoholic beverages including Johnnie Walker and Guinness. BERKSHIRE BUYS MORE APPLE, BANK OF AMERICADespite the selling, Berkshire still invests in several financial services companies. Berkshire also has dozens of operating businesses including the BNSF railroad, Geico car insurance, and many energy, manufacturing and consumer units.

☆ Silicon Valley Founders and VCs Are Making Sobriety Popular
▼ + stars: | 2023-05-04 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +8 min

Sellers is among a growing contingent in the tech community that's going alcohol-free. From founders to investors, members of the startup community are eschewing booze in the name of staying sharp — and healthy. "About six months ago, I stopped drinking alcohol. That's really hard because in this industry, you have to be high energy. That's really hard because in this industry, you have to be high energy.

"Because of higher prices, people are buying smaller amounts of groceries overall and may have become more careful not to waste food." "Despite all of that, (there are) 8% to 12% missing items on shelves," he said. "This has created a major, major issue around out-of-stock" in most of the 16 Middle Eastern countries where the company operates, he said. Laurent Thoumine, Accenture's Europe lead for retail, said supermarkets in Britain, France, Germany, Italy and Spain have had the worst stock issues. Products that are scarce in some stores include ketchup, pasta, chocolate, tea, potato chips, toothpaste and pet food, according to Nielsen IQ's Data Impact.

☆ Prebiotic soda Olipop approaches $200 million in annual sales — and CEO says Coca-Cola and PepsiCo have already come knocking
▼ + stars: | 2023-04-29 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

Prebiotic soda maker Olipop is set to cross $200 million in annual sales this year, just five years after it arrived on grocery store shelves. Olipop had raised $55.4 million as of Jan. 2, at a reported valuation of $199.8 million, according to Pitchbook data. Consumers are also increasingly interested in "gut health," one of the latest wellness trends. Both Olipop and Poppi have leaned into influencer marketing on TikTok, where gut health became a trending topic last year. But Olipop's Goodwin is confident that consumers are willing to pay more for the drinks he formulates.

☆ Goldman Sachs' David Solomon invested in a luxury real-estate developer his bank failed to win business from
▼ + stars: | 2023-04-24 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Goldman Sachs CEO David Solomon owns shares in a luxury real-estate developer, according to the NYT. David Solomon, the chief executive of Goldman Sachs, is known to fly to the Bahamas, where he has a home. The valuation the bankers gave for Discovery Land fell well short of $1 billion, and Goldman did not win that deal. Discovery Land eventually sold $300 million of shares without the help of any bank in early 2021. Insider has previously reported that at least a small number of Goldman Sachs partners and other insiders have complained about Solomon's personal jet use, as well as his side gig as a DJ.

☆ Brands look to China's tropical duty free island paradise for consumer comeback
▼ + stars: | 2023-04-14 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

HAIKOU, China, April 14 (Reuters) - Representatives of over 3,000 brands including Burberry and Estee Lauder descended on China's Hainan this week to show off their latest wares, hoping to cash in on a post-COVID consumer rebound that has kicked off on the island known for its duty free shopping. It especially boomed during COVID, attracting Chinese shoppers unable to travel abroad due to closed borders. And China further plans to elevate its status: by 2025, it plans to make the whole island duty free, essentially expanding the 10% to 40% cheaper prices on goods from beauty, to alcohol and luxury products from 12 existing duty free malls to the entire province. That has made high-end global consumer firms keen to attend the expo as a way of demonstrating their commitment to China, industry executives said. ($1 = 6.8677 Chinese yuan renminbi)Reporting by Casey Hall; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ European stocks are off to a strong start this year. How U.S. investors can capitalize on it
▼ + stars: | 2023-04-06 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

With Eu r opean stocks off to a strong start this year, investors across the pond may want to get some exposure to that market and capitalize on the trend. .STOXX YTD mountain Strong start to European stocks Despite this outperformance, the European index is also far cheaper than the S & P 500, trading at a forward multiple of 13, while the U.S. benchmark is trading at a forward price-to-earnings ratio of about 18. Tech stocks make up a smaller portion of the European stock index – less than 8% in the Stoxx 600 compared to roughly 30% in the S & P 500. Separately, Goldman Sachs' Peytavin identified autos, real estate, insurance and construction and materials as among the worst sectors for European stock pickers. "They are macro sectors, stocks, all moving together driven by the macro rather than stock idiosyncrasies, and offer a narrow performance spread," Peytavin wrote.

☆ Morgan Stanley just revealed its best long-term stock picks in Europe
▼ + stars: | 2023-04-03 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Despite their underperformance in recent years, " quality" stocks have been persistent outperformers within European stock markets for decades, according to research from Morgan Stanley . The bank has revealed its "35 for 2025" list, featuring the bank's 35 best long-term picks in Europe. Notwithstanding recent price moves, quality stocks also look reasonably valued, with average relative valuations for the MSCI Europe Quality index below their 10-year average," Morgan Stanley's analysts, led by Giorgio Magagnotti, wrote in a note on Mar. British alcoholic beverage maker Diageo also makes an appearance, with Morgan Stanley confident of Diageo's ability to deliver "superior" growth. Within the semiconductor space, ASML is Morgan Stanley's top pick.

☆ Adidas adds risk by tripping over its sneakers
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 29 (Reuters Breakingviews) - Adidas (ADSGn.DE) is having a hard time keeping its feet out of its mouth. On Wednesday, the $28 billion sneaker maker withdrew a trademark objection to Black Lives Matter over its use of three stripes in its logo 48 hours after filing it. The timing of Adidas’s objection looks tin-eared. It could have devised a partnership arrangement with Black Lives Matter that featured both brands. Trying to pick a fight with an organisation popular with young consumers shows that Adidas’s biggest risk is its mouth.

☆ Apple awkwardly pushes into buy-now-pay-later
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 29 (Reuters Breakingviews) - Apple (AAPL.O) is late to the buy-now-pay-later party. If anyone can help validate the product, it’s Apple, but times are considerably tougher. Apple will be well-versed in these risks, but a bigger crackdown is probably coming. What’s more, shifting consumer sentiment and a cooling economy could hurt demand and increase the risk of bad loans. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Guinness Maker Diageo Appoints Its First Female CEO
▼ + stars: | 2023-03-28 | by ( Elena Vardon | Michael Susin | ) www.wsj.com time to read: 1 min

Debra Crew, currently Diageo’s chief operating officer, will take over from Ivan Menezes on July 1. Diageo PLC named Debra Crew as its next chief executive, tapping an internal candidate to succeed longstanding leader Ivan Menezes at the helm of the alcoholic beverage company. The London-based maker of Johnnie Walker Scotch whisky, Guinness stout and Smirnoff vodka said Tuesday that Ms. Crew, currently Diageo’s chief operating officer, would take over from Mr. Menezes on July 1. In becoming CEO, she adds to the handful of women that lead one of Britain’s biggest companies.

☆ Easy Diageo succession belies new CEO’s hard job
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

On Tuesday, the 80 billion pound maker of Guinness and Don Julio tequila announced that Chief Operating Officer Debra Crew would replace CEO Ivan Menezes in July. Menezes has been gunning for 5%-7% annual revenue growth and a 6%-9% annual increase in operating profit over the next three years. The company operates with a 31% operating profit margin, higher than its closest rival Pernod Ricard (PERP.PA), which runs on 29%. With the price of staff, ingredients and packaging soaring, cost cutting will be hard to pull off. Diageo’s smooth succession may lay the path for a bumpy road.

☆ Diageo CEO Menezes to retire after nearly a decade in role
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

March 28 (Reuters) - Diageo (DGE.L) said on Tuesday that Chief Executive Ivan Menezes will retire and leave the Johnnie Walker whisky maker at the end of June, after nearly a decade at the helm. Menezes will be replaced as CEO by Chief Operating Officer (COO) Debra Crew, who will also join the board, Diageo said in a statement. Crew, who took on the role of COO last October, was previously president of Diageo North America and Global Supply from 2020, the company said. Menezes joined Diageo after the merger of Guinness plc and Grand Metropolitan plc in 1997 and has held a number of senior positions in the business, Diageo said. Reporting by Yadarisa Shabong in Bengaluru; editing by Savio D'Souza and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Starbucks pours weak tea on virtual union talks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 28 (Reuters Breakingviews) - After more than a decade of infusing its coffee with technology, Starbucks (SBUX.O) is putting a lid on one aspect of the digital transition. The $113 billion Frappuccino maker wants to negotiate with unions in person rather than allowing members to join talks by videoconference. Mobile orders accounted for about a quarter of transactions at U.S. stores in the latest quarter. Starbucks also became one of the first big companies to hold a virtual shareholder meeting after the pandemic struck and it hosted the annual event online again last week. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Johnnie Walker maker Diageo appoints Debra Crew CEO
▼ + stars: | 2023-03-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —One of the world’s largest alcoholic drinks companies has appointed its first female CEO. Diageo, which makes Guinness beer and Johnnie Walker whisky, said Tuesday that chief operating officer Debra Crew would succeed Ivan Menezes, who will retire from the company after 10 years at the helm. Diageo is the seventh-largest member of the FTSE 100 (UKX) index and will now become the largest UK-listed company led by a woman. There are just nine other FTSE 100 (UKX) companies led by women, including pharmaceutical company GlaxoSmithKline (GLAXF) and bank NatWest. Diageo is the world’s fourth biggest alcoholic drinks company by market value, after AB InBev (BUD) and China’s Wuliangye Yibin and Kweichow Moutai.

☆ Syngenta IPO delay rekindles past China fears
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - Syngenta’s bumpy relisting path in the People’s Republic brings back unpleasant investor memories. The Shanghai Stock Exchange had scheduled this week a hearing, one of the last steps before listing. The exchange’s rules vaguely mandate that any “major issue” affecting an IPO would justify the postponement. It’s unclear how long a drag this would cause, but Shenzhen VMAX New Energy had been on a similar boat: its IPO hearing was abruptly cancelled in January, only to be rescheduled two months later. Ant’s $37 billion Shanghai IPO was pulled in 2020 shortly before its shares were due to start trading.

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