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4d ago

Diageo Appoints CFO Nik Jhangiani as Interim CEO After Crew Exit

The board has kicked off a formal successor hunt to reinforce Diageo’s commitment to its multiyear turnaround strategy

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Undated file photo of a pint of Guinness. Spirits and beer giant Diageo warned over profits after a sharp slowdown in its business in Latin America and the Caribbean. Shares in the company - which makes Johnnie Walker, Guinness and Baileys - slumped by as much as 12% in early trading. Issue date: Friday November 10, 2023.
Johnnie Walker bottles are displayed on a shelf in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic/File Photo

Overview

  • Debra Crew has stepped down as CEO by mutual agreement after a two-year tenure during which Diageo’s shares fell about 44%.
  • Chief Financial Officer Nik Jhangiani has taken on the interim CEO role as the company seeks to stabilise performance and restore investor confidence.
  • Diageo’s board has launched a formal search for a permanent chief executive, evaluating both internal and external candidates.
  • The company confirmed it will maintain its fiscal 2025 and 2026 forecasts despite the leadership change.
  • Diageo remains on track with its plan to reduce $500 million in costs and divest non-core assets by 2028 to drive its turnaround.