Exclusive: Beam Suntory CEO Albert Baladi Stepping Down After Transformative Tenure
July 18, 2023Company Veteran Greg Hughes Ascends To Chief Executive
Beam Suntory has announced new leadership, with president and CEO Albert Baladi set to depart after a five-year tenure at the top of the company. Succeeding Baladi on October 1 will be Greg Hughes, a company veteran who has most recently served as senior vice president, chief growth and brands officer. Beam Suntory ranks as the third-largest spirits player globally with volume of more than 60 million 9-liter cases, according to Impact Databank, behind only Diageo and Pernod Ricard.
During his time as CEO Baladi is credited with driving high single-digit gains for Beam Suntory—whose revenues total $5.5 billion annually—while accelerating the company’s premiumization push, with premium-and-above labels now accounting for the majority of sales. Baladi has been with Beam Suntory for 12 years, beginning as president of Europe, Middle East, and Africa; then president, international; and later as global COO and president of North America, before becoming CEO in 2019. He’ll stay on as CEO advisor through year-end and will remain a senior advisor for the company throughout 2024.
“This has been a very fulfilling journey for me both professionally and personally,” Baladi said in an interview with SND. “Over the last five years, I wanted to make it my legacy to really accelerate the premiumization of the company. Therefore, one of the first moves I made as CEO was to change the operating model and move from a region-centric business to a brand-centric business with the creation of brand houses, which we did in 2019. This change also anchored into our 2030 vision to make us the world’s most admired premium spirits company with some lofty financial goals and heavy premiumization ambition. We’ve made investments in capability across sustainability, digital, ready-to-drink, and many other areas. It’s been a transformative five years.
“We have prepared for succession,” Baladi continued. “So it puts us in a really solid position where we’ve got a strong executive team in place, we’ve got wind in our sails with the momentum of the business, and I felt this was the right time for me to hand over to a great leader like Greg.” As for his future plans, Baladi said he intends to make some personal investments and relocate to Europe.
“As CEO, Albert has led a highly transformative phase for the company,” Tak Niinami, president and CEO of Suntory Holdings, said in a statement. “He architected the company’s 2030 growth strategy, established a brand-led operating model, step-changed investments in talent and capabilities, launched the company’s first ever Proof Positive Sustainability strategy, moved our global headquarters to New York City, and navigated the many challenges of the Covid pandemic. Under Albert’s values-based leadership, Beam Suntory has delivered exemplary business performance, accelerated premiumization, and become a stronger organization.”
On the appointment of Hughes as incoming CEO, Niinami noted, “Greg has an incredibly strong track record of performance anchored in strategic vision, exemplary brand building, and a people-first inclusive mindset. He truly knows how to put brands and people at the heart of the business, and we have great confidence in his leadership.”
“We have great people, great brands, and a strong supporter in Suntory Group—a winning combination that promises a bright future for this company,” Hughes added. Hughes has more than three decades of experience in consumer goods across marketing, commercial, and management roles. He joined Beam Suntory in 2015 and led the company’s largest market as president, North America for four years and prior to that as GM of North America. Prior to Beam Suntory, he held roles of increasing responsibility at Procter & Gamble, Bel Brands USA and Kraft Foods.
When Hughes became global chief growth and brands officer on January 1 of this year, he was succeeded as president of North America by Jessica Spence, who previously led the company’s global brands organization. Spence will be a featured speaker at the 47th Annual Impact Marketing Seminar at New York’s Pierre Hotel on October 4.—Daniel Marsteller
| Beam Suntory―Key Brands in the U.S. (thousands of 9-liter case depletions) |
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| Brand | Type | 2021 | 2022 | Percent Change1 |
|---|---|---|---|---|
| Jim Beam2 | Bourbon | 4,524 | 4,315 | -4.6% |
| Maker’s Mark | Bourbon | 2,304 | 2,350 | 2.0% |
| Hornitos | Tequila | 1,509 | 1,690 | 12.0% |
| On the Rocks | RTD | 416 | 672 | 61.5% |
| Knob Creek | Bourbon | 544 | 539 | -1.0% |
| Basil Hayden | Bourbon | 475 | 530 | 11.5% |
| Truly3 | Vodka | – | 180 | + |
| Toki | Japanese Whisky | 122 | 125 | 2.5% |
| Tres Generaciones | Tequila | 74 | 91 | 23.0% |
| Roku | Gin | 51 | 60 | 19.0% |
| Haku | Vodka | 28 | 39 | 39.3% |
| Sipsmith | Gin | 15 | 23 | 52.6% |
| Total Key Brands4 | 10,062 | 10,614 | 5.5% | |
| 1 based on unrounded data 2 includes flavors 3 excludes vodka seltzer (RTDs) 4 addition of columns may not agree due to rounding Source: IMPACT DATABANK © 2023 |
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