Under this succession plan Baladi will serve as CEO advisor through to the end of the year and will be senior advisor for the company throughout 2024.

“It’s with an optimistic eye toward the future and extreme pride for all that has been accomplished that I have made the personal decision to step down and make way for the next leader,” said Baladi.

“This is a decision I have been contemplating for some time with my family, and given the strength of the company, clear growth strategy in place for the future and the right team in place, now is the right time to hand the reins over to my successor, Greg Hughes, and his exceptional leadership,” Baladi added.

Baladi has served on the executive leadership team of Beam Suntory for 12 years, including the past five years as president and CEO. 

Since he stepped into the CEO role in 2019, Beam Suntory’s annual sales have grown at high single digits to more than $5 billion. 

Tak Niinami, president and CEO of Suntory Holdings, said: “As CEO, Albert has led a highly transformative phase for the company. He architected the company’s 2030 growth strategy, established a brand-led operating model, step-changed investments in talent and capabilities, launched the company’s first ever Proof Positive Sustainability strategy, moved our global headquarters to New York City, and navigated the many challenges of the Covid pandemic.”

Hughes has more than three decades of experience in consumer goods across marketing, commercial and management roles, and since joining Beam Suntory in 2015, has led the company’s largest market as president North America for four years and as GM of North America.