Diageo Plc, the world's largest distiller, has announced its decision to promote its chief operating officer Ivan Menezes to the top post of chief executive officer (CEO).

Menezes, 53, will take the helm on July 1 from current CEO Paul Walsh, who will step down after spending nearly thirteen years with the company. The credit of turning Diageo into the world's biggest distiller is given to Walsh.

Although Walsh will step down from the top post on July 1 this year, yet he will stay on for a year to ensure smooth transition. He will finally retire on June 30, 2014.

Diageo Chairman Franz B Humer praised Paul for his outstanding services to the company, and expressed hope that the company would continue to grow under the stewardship of the new CEO.

Commenting on Ivan's appointment as new CEO, Humer said, "The board is confident Ivan would inspire our organisation and Diageo would continue to achieve our medium-term performance objectives."

Menezes joined Diego in 1997 and became its COO in March last year, after leading the distiller's North American division for around eight years. He is also a non-executive director of U. S.-based leather goods maker Coach Inc.