Diageo CEO Debra Crew steps down, Nik Jhangiani named interim chief
Diageo, the world’s largest spirits maker, announced on Wednesday that CEO Debra Crew has stepped down after two years in the role. Chief Financial Officer Nik Jhangiani will serve as interim chief executive as the company works to improve performance and reduce debt.
Shares in Diageo (DGE.L), the maker of Johnnie Walker whisky and Guinness beer, climbed nearly 3% following the news, making it one of the top gainers on the FTSE 100 index, News.Az reports, citing Reuters.
The company confirmed Crew’s departure was by mutual agreement and said it would maintain its forecasts for fiscal years 2025 and 2026.
Crew assumed the top role in mid-2023 following the death of long-time CEO Ivan Menezes. Her tenure, however, has been marked by significant challenges, with Diageo’s share price dropping about 44% during her leadership. She was one of a small number of women leading a blue-chip UK company.
“Debra has had a tough couple of years at the helm of Diageo and hopefully some new leadership will help to reinvigorate the company,” said Fred Mahon, fund manager at Church House, a Diageo investor.
The company is currently executing a turnaround plan that includes cutting $500 million in costs and making major asset sales by 2028. Despite sector-wide struggles following the pandemic-driven boom, Diageo’s shares have outperformed some European rivals. However, the group faces ongoing pressure from declining sales and potential U.S. tariffs.
Jhangiani, who became CFO in September 2024, now takes the reins as the company works to stabilize operations and restore investor confidence.
Crew and Jhangiani have not commented on the leadership change.
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