Beam Suntory CEO Albert Baladi will be stepping down and passing the baton to Greg Hughes, who serves as the company’s senior vice president chief growth and brands officer, the company announced yesterday.
The transition is scheduled for October 1, 2023, with Baladi continuing in an advisory role through year-end and into 2024.
Baladi’s 12-year tenure includes five years as president and CEO. During his term, the company’s annual sales grew to over $5 billion, with an emphasis on premium brands, which have become the majority of its sales.
“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 said in a statement.
Baladi’s departure comes after a period of transformation for the company, including the move of the global headquarters to New York City, launching a major sustainability strategy, and navigating the challenges of the COVID pandemic.
Since joining Beam Suntory in 2015, Hughes led the company’s largest market as President, North America for four years and prior to that as GM of North America. Prior to Beam Suntory, he served in roles with increasing responsibility at Procter & Gamble, Bel Brands USA and Kraft Foods.
“I’m humbled and excited as I step in to lead Beam Suntory into our organization’s next chapter as we transform this business to achieve our ambition to become the world’s most admired premium spirits company and accomplish our 2030 goals,” Hughes said.
In 2022, Beam Suntory’s premium brands grew 15%, and now represent more than half of the company’s full bottle spirits sales for the first time. RTD brand sales grew 16% driven by performance in Japan, Australia, and the U.S. Strategy has been to premiumize its spirits portfolio, build RTD leadership, and focus on value over volume, according to the company’s last full year earnings report.