Ivan joined the drinks business at its creation in 1997 and held many senior positions in his 25 years at the company.
He was appointed to the board as an executive director of Diageo in 2012 and served as CEO from July 2013 before he was due to retire at the end of this month (June).
Diageo chairman Javier Ferrán said: “This is an incredibly sad day. Ivan was undoubtedly one of the finest leaders of his generation.
“Ivan was there at the creation of Diageo and over 25 years, shaped Diageo to become one of the best performing, most trusted and respected consumer companies.
He added: “I saw first-hand, his steadfast commitment to our people and creating a culture that enabled everyone to thrive.
“He invested his time and energy in people at every level of the company and saw potential others may have overlooked. This is one of many reasons why he was beloved by our employees, past and present.
“Ivan’s energy and commitment to diversity created a truly inclusive business and enabled Diageo to have a positive impact on the communities we serve.
“His passion for our brands was second-to-none and in his heart, he remained the Johnnie Walker marketer from his early days. The desire to build the world’s best brands never left him.
“We are truly privileged to have had the opportunity to work alongside such a thoughtful and passionate colleague and friend – a true gentleman. He has built an extraordinary legacy," Ferrán said.
“Ivan leaves behind many friends and a beloved family and our thoughts are particularly with his wife, Shibani and his two children Nikhil and Rohini.
“On behalf of the board, executive chairman and all our employees, we extend our deepest sympathies to them.”
Ivan was awarded a knighthood for services to business and to equality in the King’s 2023 New Year’s Honours list.