16th Jul 2025 14:00
(Alliance News) - Diageo PLC on Wednesday said Chief Executive Officer Debra Crew has stepped down with immediate effect by mutual agreement, with the chief financial officer stepping up on an interim basis.
The London-based owner of Guinness and Johnnie Walker whisky said it has started a formal search process to replace Crew, which will include internal and external candidates.
CFO Nik Jhangiani will take on the role of chief executive officer in the interim.
Crew has led Diageo since June 2023, having joined as a non-executive director in 2019 before taking on the role of president of Diageo North America and chief operating officer.
Crew's tenure has been marked by a profit warning, scrapped growth targets, and a 43% decline in the company's share price, according to the Financial Times. Diageo has struggled with weaker demand post-pandemic and investor concerns over whether the downturn is cyclical or structural.
Earlier on Wednesday, the FT reported that the firm was preparing to replace Crew in a bid to stabilise the spirits maker after the sharp share price decline and depressed alcohol sales.
Shares in Diageo were up 1.2% at 1,911.50 pence in London on Wednesday afternoon.
In May, Jhangiani unveiled a USD500 million cost-cutting plan and signalled potential asset disposals.
Diageo said guidance for financial 2025 and 2026 remains unchanged. It is set to report full year results on August 5.
"On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility. On behalf of all Diageo colleagues, I wish her every success in the future," said Chair John Manzoni.
"The board's focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation."
By Eva Castanedo, Alliance News reporter; updated by Michael Hennessey, reporter
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