Diageo CEO Debra Crew Steps Down, CFO Nik Jhangiani to Serve as Interim CEO.

Diageo CEO Debra Crew has stepped down after a two-year tenure marked by challenging performance. Nik Jhangiani, the company's CFO, has been appointed as the interim CEO. The move comes amid investor concerns and follows reports that Diageo was planning to replace Crew. Jhangiani will lead the company until a permanent replacement is found.

LONDON - Diageo PLC (LON:DGE), the global alcoholic beverages company, announced on Wednesday that Chief Executive Officer Debra Crew has stepped down from her position and as a Board Director, effective immediately. The decision was made by mutual agreement between Crew and the company [1].

Crew had been leading Diageo since June 2023, initially joining the company as a non-executive director in 2019. She served as President of Diageo North America and subsequently as Group Chief Operating Officer before taking on the CEO role. Her tenure was marked by significant challenges, including navigating the aftermath of the global pandemic and geopolitical volatility [1].

Nik Jhangiani, the company's Chief Financial Officer, has been appointed as the interim CEO until a permanent replacement is found. Jhangiani joined Diageo in September 2023 from Coca-Cola Europacific Partners [3]. The appointment comes amidst investor concerns about the company's performance under Crew's leadership.

Diageo's financial guidance for fiscal years 2025 and 2026 remains unchanged from what was communicated in its Q3 Trading Statement on May 19, 2025. The company plans to report its fiscal 2025 full year results on August 5 as scheduled [1]. The board's focus is on securing the best candidate to lead the company forward [1].

Diageo's share price has experienced fluctuations during Crew's tenure, with a notable drop following her appointment in June 2023. However, the stock has shown some recovery since the announcement of her departure [3].

The company's recent performance has been marked by a series of challenges, including a drop in sales in key markets such as China and the US, and a profit warning in November 2023 due to a slump in sales in Latin America and the Caribbean [3]. Diageo has also been involved in cost-cutting measures, aiming to save around $500 million over the next three years to improve its operating leverage [3].

In a statement, John Manzoni, Chair of Diageo, thanked Crew for her contributions and wished her success in her future endeavors. He emphasized the board's commitment to securing the best candidate to lead the company forward [1].

References:

[1] https://www.investing.com/news/company-news/diageo-ceo-crew-steps-down-cfo-jhangiani-to-serve-as-interim-chief-93CH-4137508
[2] https://news.bloomberglaw.com/international-trade/diageo-starts-search-for-new-ceo-to-replace-debra-crew-ft-says
[3] https://www.just-drinks.com/news/update-diageo-ceo-debra-crew-departs-by-mutual-agreement/
[4] https://www.theguardian.com/business/2025/jul/16/diageo-ceo-debra-crew-steps-down-after-drink-firms-lacklustre-performance