Menezes will be replaced as CEO by chief operating officer (COO) Debra Crew, who will also join the board, Diageo said in a statement.
Crew's Previous Role
Crew, who took on the role of COO last October, was previously president of Diageo North America and Global Supply from 2020, the company said.
She will become one of a few women to lead a FTSE 100 company, and will take up her new position on 1 July.
Menezes joined Diageo after the merger of Guinness plc and Grand Metropolitan plc in 1997 and has held a number of senior positions in the business, Diageo said.
'Truly Impressive Performance'
In a statement, Javier Ferrán, Diageo chairman, said that under Menezes' stewardship, "Diageo has consistently delivered a truly impressive performance to become one of the most respected businesses in the world. Ivan has transformed Diageo’s global footprint, brand portfolio and strategic focus, positioning our business as a clear leader in premium drinks.
"At the same time as delivering consistent shareholder returns, Ivan has nurtured a diverse and talented global workforce and made significant progress on the most material sustainability issues facing our business. Ivan leaves Diageo extremely well positioned for future growth, and we thank him again for everything he has helped us to achieve."
He added that the company was "delighted to have appointed a leader of Debra's calibre" to the position of chief executive.