Latest news with #DiageoPlc
Bloomberg
5 days ago
- Business
- Bloomberg
Diageo Expects Muted Sales in 2026, More Cost Cuts on Tariff Hit
Diageo Plc expects muted sales growth in this fiscal year, as the drinks maker seeks to recover from a challenging period including the sudden exit of its chief executive officer. The maker of Johnnie Walker whisky said organic sales growth will likely only match the 1.7% uplift of last year, when the drinks maker grappled with US President Donald Trump's tariff war, volatile demand and management upheaval. That growth was slightly more than analysts expected.
Bloomberg
31-07-2025
- Business
- Bloomberg
Diageo East African Unit's Profit Grows as Forex, Debt Pain Ease
East African Breweries Plc 's annual profit grew after two years of slowing earnings, as foreign-exchange losses dropped due to a stable Kenyan shilling and lower interest rates cut financing costs. The Kenya-based unit of Diageo Plc reported profit for the year through end June of 12.2 billion shillings ($94.4 million), an increase of 12%, as net revenue climbed by 4%, according to a statement by the Nairobi-based company.
Mint
17-07-2025
- Business
- Mint
Who is Nik Jhangiani? Indian-origin executive takes over as Diageo's interim CEO after Debra Crew's exit
Diageo Plc, the maker of Guinness and Johnnie Walker whisky, said Chief Executive Officer Debra Crew has stepped down after a stint of two years at the distiller. During Crew's bruising run, the company's stock has plummeted 43 per cent through Tuesday's close. She took over as CEO in June 2023. The world's biggest spirits maker on Wednesday appointed Chief Financial Officer (CFO) Nik Jhangiani as its interim CEO, while a search is underway for Crew's permanent replacement. After the announcement, Diageo shares surged as much as 4.4 per cent, the most since April. Crew's tenure has been punctuated by setbacks, including a drop in sales due to cooling demand in China, the US, Mexico, and Brazil. In February, the company scrapped its long-held medium-term sales target, citing higher trade friction after President Donald Trump's sweeping tariffs on US trading partners. Diageo is in the midst of a turnaround plan, targeting $500 million in cost savings after underperformance shaved off more than 20 per cent from its share price in the last 12 months. Indian-origin Nik Jhangiani was appointed Chief Finance Officer at Diageo in September 2024. After taking over as CFO, Jhangiani launched a review of Diageo's portfolio and announced $500 million of cost cuts over three years, stretching across the supply chain, advertising and promotions and its operating model. Before joining Diageo, he worked at Coca-Cola Europacific Partners Plc. His career spans over three decades. He has held several senior finance roles across the US, Europe, India and Africa. He is also credited with overseeing major capital markets activity, acquisitions and strategic transactions. He is a graduate of Rutgers Business School, Newark, New Jersey, and is a certified public accountant in the state of New York. He started his career at Deloitte and went on to hold finance roles at Bristol Myers Squibb and Colgate-Palmolive, where he was the group financial director for Nigeria.
Mint
16-07-2025
- Business
- Mint
Diageo CEO Debra Crew resigns amid stock plunge and sales challenges, CFO Nik Jhangiani appointed as interim leader
(Bloomberg) -- Diageo Plc Chief Executive Officer Debra Crew stepped down after a bruising run in which the company's stock has plummeted. The maker of Guinness and Johnnie Walker whisky said Wednesday Chief Financial Officer Nik Jhangiani had been appointed interim CEO, with a search already under way for Crew's permanent replacement. Shares of Diageo rose as much as 4.4%, the most since April. The stock had slumped 43% through Tuesday's close since Crew took over in June 2023. Her tenure has been punctuated by setbacks including a drop in sales on cooling demand in China and the US, and a profit warning after being caught out by piles of unsold inventory in Mexico and Brazil. The company was forced to scrap its long-held medium-term sales target in February as a result of higher trade friction denting consumer confidence. Then in May, Diageo said it would cut costs by $500 million over three years across its supply chain, advertising and promotions and its operating model. The company has also been pursuing asset disposals. Crew, 54, a former boss of tobacco company Reynolds American Inc, was promoted to the top job at Diageo a month early after the death of predecessor Ivan Menezes. She served in the US military before beginning a career in the consumer goods industry, working at PepsiCo Inc., Nestle SA and Mars Inc. But she took the Diageo helm at a time when pushing drinkers toward more expensive spirits had become harder due to a post-pandemic cost-of-living crisis. More recently, US President Donald Trump's tariff war has made operational challenges even tougher.
Bloomberg
16-07-2025
- Business
- Bloomberg
Diageo Starts Search for New CEO to Replace Debra Crew, FT Says
Diageo Plc is planning to replace Chief Executive Officer Debra Crew, after a bruising run in which the company has suffered a profit warning and the threat of tariffs in the US. The maker of Guinness and Johnnie Walker whisky is now hunting for a replacement for Crew, who has been CEO since June 2023, in news first reported by the Financial Times.
