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Diageo CEO Debra Crew steps down, CFO Nik Jhangiani to be interim chief
The move was confirmed in a company statement, which said Crew's exit was by 'mutual agreement'. 'The Board has begun a comprehensive formal search process, which will include consideration of internal and external candidates,' Diageo said.
Jhangiani takes over at a time when Diageo is undertaking a major turnaround effort. Earlier this year, the company announced plans to cut $500 million in costs and execute significant asset sales by 2028, according to a Reuters report. The restructuring comes in the wake of declining sales, particularly in Latin America, where excess inventory triggered a profit warning in November 2023 that hit investor sentiment, the report added.
Crew had led Diageo as CEO since June 2023, having joined the board as a non-executive director in 2019. She later served as president of Diageo North America and group chief operating officer.
'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 John Manzoni, chairperson of Diageo plc.
Since Crew's appointment last year, the liquor sector has experienced a continued slowdown, as rising inflation and interest rates have led consumers to cut back on discretionary spending. Diageo has also struggled to regain growth momentum in key markets such as the United States, the report added.
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