Diageo today announced that Debra Crew has stepped down as CEO and board member “with immediate effect, by mutual agreement”. The chief financial officer will temporarily take over her role.
Falling alcohol sales
Rumours about her replacement have been around for a while: Diageo shares have been under pressure as investors have been concerned about falling alcohol sales. So now the news has been officially confirmed. The company, known for brands such as Johnnie Walker, Guinness and Smirnoff, has started an extensive formal search process, considering both internal and external candidates. Until a permanent appointment is in place, finance director Nik Jhangiani will take over as CEO on an interim basis.
Debra Crew joined Diageo in 2019 and had been CEO since June 2023. “On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility,” said chairman John Manzoni.
