Chief executive officer of Diageo, Sir Ivan Menezes, has died at age 63 after a brief illness.

Diageo has announced that its chief executive officer Sir Ivan Menezes will be retiring and is set to depart from the Diageo Board on 30 June this year, following 10 years leading the company.

Diageo CEO Ivan Menezes has received a knighthood in King Charles' first New Year’s Honours list, an appointment that allows him to use the title ‘sir’.

Diageo shareholders were toasting chief executive Ivan Menezes after he said they can expect to receive billions of pounds in share buybacks or special dividends. The Smirnoff, Johnnie Walker and Guinness producer announced that organic profit should grow by at least 14% in the year to 30 June.

Diageo stock enjoyed its best session since March after chief executive Ivan Menezes issued a positive trading update ahead of the firm’s annual meeting.

Diageo CEO Ivan Menezes has said the UK “could move ahead of the EU in terms of getting a Free Trade Agreement” post Brexit.

Diageo has announced flat sales for the nine months ended 31 March 2014 due to weakness in emerging market sales.

Ivan Menezes has been appointed to the Diageo board as an executive director with effect from July 2.