He will be replaced by Asia Pacific finance director Anna Manz (pictured). She will join the executive committee on July 1.

Paul Walsh, chief executive of Diageo said: “Jim has served on the executive committee of Diageo since 1997 and has played a major role in this business for more than 20 years: first leading strategy for Grand Metropolitan’s food business, then for Grand Metropolitan itself and most recently as group strategy director for Diageo. I am very grateful to him for his commitment to our brands, values and our people over his long and successful career with Diageo.

“Anna has wide experience of our company having worked in various roles including vice president, finance, Diageo North America, group treasurer and latterly finance director, Diageo Asia Pacific. Anna will bring a significant depth of knowledge to the strategy team."