Diageo CEO Departs, Board Seeks New Leader

Diageo, the world's largest spirits maker and owner of Guinness and Johnnie Walker, announced the immediate departure of CEO Debra Crew by mutual agreement after a turbulent two-year tenure since June 2023. Crew's exit follows profit warnings, supply issues, and a share price decline of over 40%, as well as operational challenges such as excess inventory in Latin America and Guinness shortages in the UK. Chief Financial Officer Nik Jhangiani has been appointed interim CEO while the board conducts a formal search for a permanent successor, considering both internal and external candidates. During Crew's leadership, Diageo grappled with sluggish sales, mounting US trade tariffs, and investor dissatisfaction with turnaround strategies, including a $500 million cost-cutting plan and calls for more aggressive asset disposals. The board and chairman Sir John Manzoni credited Crew for navigating global economic volatility but stressed the need for new leadership to drive long-term recovery. Diageo's shares rose modestly following the leadership change, reflecting investor optimism for a strategic reset.