Paul Walsh Diageo departure rumours mount

Is Paul Walsh planning to go plural? Rumours Diageo's chief executive might be plotting a life away from the alcoholic drinks giant have been rumbling for a while.

An announcement today that he is joining the board of Avanti Communications will do little to quell such talk. That directorship goes on top of roles at Unilever and FedEx. He was previously also on the board of Centrica.

Walsh, 56, has been chief executive of Diageo since 2000. During that period Diageo has expanded apace. One long-standing rumour has Walsh stepping up to become non-executive chairman of Unilever, leaving Diageo as he does.

Avanti sells satellite services to telecoms firms in more than 50 countries. Its chairman John Brackenbury said of Walsh: "An executive with his almost unrivalled experience and reputation will add considerable value to Avanti's governance."

Walsh was paid £3.2million by Diageo last year. Diageo shares were today up 15.5p at 1422p. The company is valued at more than £35 billion.