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Diageo boss Ivan Menezes toasts pay rise as he pockets £8m

Diageo boss Ivan Menezes toasts to pay raise as he pocketes £8m after drinking a giant booze

Diageo has paid his boss £7.9million as the cost of living rises.

The creator of Guinness and Johnnie Walker gave Ivan Menezes a £6.3 million bonus on top of his £1.6 million salary, pensions and other benefits. It meant his salary rose by just over £1.8 million from a year earlier.

Menezes, who took over the drinks giant in 2013, has made a whopping £55.7 million in his tenure.

Diageo boss Ivan Menezes, who took over the drinks giant in 2013, has now made a staggering £55.7 million in his tenure

He has always been one of the highest paid bosses in the FTSE 100.

And for the 63-year-old it will have been a year to enjoy. His total benefits package of £133,000 included a ‘product allowance’ – a tab for drivers to drink the company’s products.

The benefit, together with Menezes’ lifetime and long-term disability coverage, added up to £4,500.

Diageo toasted bumper sales last month as drinkers opted for more premium spirits. Drinkers celebrated the easing of lockdowns by splashing out on high-end spirits, the drinks maker said.

The year got off to a good start with sales up one-fifth in the first half. But as energy and shipping costs rise, it has increased prices by about 5 percent.