LONDON: Debra Crew has stepped down as chief executive officer of Diageo PLC after nearly two years in the role, the spirits giant said Wednesday, with Chief Financial Officer Nik Jhangiani appointed as interim CEO.
The departure comes as the maker of Johnnie Walker whisky and Guinness beer pushes ahead with a cost-cutting and turnaround strategy, aiming to trim $500 million in expenses and divest assets by 2028.
Shares in Diageo rose about 3% following the announcement, first reported by the Financial Times, making them among the top gainers on the FTSE 100.
Crew, who assumed the role following the death of longtime CEO Ivan Menezes in June 2023, is stepping down immediately under a mutual agreement, the company said. It did not provide further details but reaffirmed guidance for fiscal years 2025 and 2026.
During Crew’s tenure, Diageo’s stock lost roughly 44% of its value. Despite headwinds facing the broader European wine and spirits industry, Diageo’s shares have remained relatively resilient, supported by the firm’s restructuring efforts.
“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.
Jhangiani joined Diageo as CFO in September 2024, as the company faced sliding sales, investor pressure, and potential U.S. tariffs.
Crew and Jhangiani did not immediately respond to requests for comment.