This is the first time the group will have a female leader.
Menezes, 63, will step down from the board on June 30 after ten "successful" years in office, Diageo added, while Crew, 52, will join the board as soon as she takes office.
According to the statement, with her appointment as CEO, "women will represent more than 50% of the company's executive committee from July 1."
Ms. Crew will also join the exclusive club of women leaders of companies listed on the FTSE 100, the flagship index of the London Stock Exchange.
Diageo "has experienced significant growth" while Menezes was at its helm, and now distributes "200 brands in more than 180 markets," the statement said.
The group is "number one in terms of sales in value for Scotch or Canadian whisky, vodka, gin, rum, liqueurs," among others, the statement said.
Ms. Crew was previously one of Diageo's North American executives, and before that led the vaping and new products business of the Reynolds tobacco group, following a stint at Pepsico.
A graduate of the universities of Denver and Chicago, she is also a former U.S. Army officer.
"The Board of Directors is very grateful to Ivan," who has "positioned our company at the forefront of the premium beverage market," commented Javier Ferrán, Chairman of the Board.
Ivan Menezes said he was "very proud" of his record and thanked his "28,000 talented colleagues" within the company, while saying he was "delighted to pass the baton to Debra".
The latter believes that Mr. Menezes leaves the company "very well positioned for future growth".
Shortly after the opening of the London Stock Exchange, Diageo lost 0.53% to 3564.00 pence in a slightly higher market.
© 2023 AFP