BeamSuntory's President and CEO, Albert Baladi, has announced his decision to step down later this year, handing over the reins to Greg Hughes. Baladi, who has been in the CEO position since 2019, will transfer his CEO responsibilities to Hughes on October 1, 2023, but will remain as CEO advisor until the end of the year. Throughout 2024, he will continue to serve as a senior advisor to the company.
Baladi has been a part of Beam Suntory's executive leadership team for 12 years. Under his leadership as President and CEO, the company's annual sales experienced strong growth, surpassing USD 5 billion, largely driven by a successful premiumization strategy that elevated the company's premium brands.
Baladi expressed his optimism for the company's future and pride in their achievements during his tenure, which coincided with a significant transformation phase for Beam Suntory. The decision to step down has been carefully considered with his family, and he believes the company is well-positioned for the future with the right team and growth strategy in place.
Headquartered in New York City, Beam Suntory is a subsidiary of Suntory Holdings Limited of Japan.
Greg Hughes, the current Senior Vice President Chief Growth and Brands Officer at Beam Suntory, has been selected to succeed Baladi as CEO. Hughes has over 30 years of experience in the consumer goods industry and has held various marketing, commercial, and management roles. He joined Beam Suntory in 2015 as President North America and later assumed the role of General Manager of North America.
Tak Niinami, President and CEO of Suntory Holdings, expressed confidence in Hughes' leadership, praising his strategic vision, brand building abilities, and people-first approach. The company anticipates that Hughes will lead Beam Suntory into its next phase of growth successfully.
Niinami also extended his appreciation to Albert Baladi for his transformative leadership during his 12-year tenure at Beam Suntory. Under Baladi's guidance, the company experienced exceptional business performance, accelerated premiumisation, and strengthened its organization and culture. His achievements include the establishment of a brand-led operating model, a forward-looking 2030 growth strategy, and the launch of the company's first-ever Proof Positive Sustainability strategy. Additionally, Baladi successfully navigated the challenges posed by the Covid pandemic.
Beam Suntory is expected to announce Hughes' replacement in the coming months as he transitions into his new role as CEO.