Diageo, the company that owns Guinness, announces the replacement of its CEO, Debra Crew.
Diageo, the global beverage giant known for producing iconic brands such as Johnnie Walker and Guinness, is currently in search of a new chief executive to lead a potential turnaround following the departure of Debra Crew.
Crew, who took over as CEO in June 2023, stepped down from her position in July 2025 after two years at the helm. Her departure was announced by mutual agreement, and the company has commenced a formal search process to find a permanent replacement. This process will consider both internal and external candidates.
In the interim, Nik Jhangiani, Diageo's Chief Financial Officer, has been appointed as the interim CEO. Reports suggest that Jhangiani might be a candidate for the permanent role, but no official confirmation has been provided by Diageo at this time.
Crew's tenure at Diageo was marked by a challenging start, including a profit warning due to an unforeseen slump in sales in Latin America. Furthermore, she faced criticism from some investors who were not convinced that sluggish sales were due to a cyclical downturn, rather than operational issues or a structural decline in alcohol consumption. Diageo's shares have declined by 43% since Crew became CEO.
The search for a new CEO comes after Diageo scrapped its target for medium-term sales growth due to uncertainty over US tariffs and weak demand. This decision was announced in February, alongside the appointment of Sir John Manzoni as Diageo's chair.
In May, Jhangiani, as the interim CEO, announced plans to cut Diageo's cost base by $500 million and disclosed potential substantial asset disposals. However, no specific details about these plans or the new CEO search process have been provided.
Diageo did not immediately respond to a request for comment regarding the CEO change. The company's shares saw a 3.6% rise following the announcement of Crew's replacement, indicating a positive response from the market.
Crew, prior to joining Diageo, had a successful career in the consumer goods industry, including serving as CEO of tobacco giant Reynolds American. The search for her successor promises to be a significant event in Diageo's history, as the company seeks a leader to guide it through challenging times and steer it towards a new era of growth and success.
As Diageo's interim CEO, Nik Jhangiani is being considered for the permanent Chief Executive role, which is a crucial position in the company's turnaround strategy following Debra Crew's departure. This strategy will also involve a search for external candidates, emphasizing the significant importance of leadership and finance in steering the beverage giant towards a new era of business growth.
