Beam Suntory’s chief growth and brands officer is set to take over as CEO later this year.

The Courvoisier and Maker’s Mark producer said today that Greg Hughes will take over from current president & CEO Albert Baladi from October 1.

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

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

“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.”

Hughes added: “I’m humbled and excited as I step in to lead Beam Suntory into our organisation’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,” said Hughes. “We have great people, great brands and a strong supporter in Suntory Group – a winning combination that promises a bright future for this company.”

Image: From left: chief growth & brands officer Greg Hughes, president & CEO Albert Baladi, and president & CEO of Suntory Holdings Tak Niinami.