Big changes are underway at Diageo, the global drinks giant known for Guinness and Johnnie Walker.
CEO Debra Crew has stepped down after a rocky run that began in June 2023. Her tenure saw a sharp drop in the company’s market value and a handful of costly missteps.
Taking her place, at least for now, is CFO Nik Jhangiani, who’s been named interim chief executive while the board begins the search for a permanent replacement.
Debra Crew stepped into the CEO role earlier than planned, following the unexpected death of her predecessor, Sir Ivan Menezes, who had been dealing with serious health issues.
With a strong background in consumer goods, having held senior roles at Reynolds American, PepsiCo, Nestlé, and Mars, Crew brought plenty of experience to the job.
Her appointment also marked a milestone, making her one of the few women to lead a company in the FTSE 100.
Debra Crew’s tough stretch comes to an end
Things didn’t go well for Diageo while Debra Crew was in charge. The company’s stock tanked down anywhere from 30% to over 40%, dragging it to levels investors hadn’t seen in years.
A big part of the problem was slumping sales in the US and China, two markets that used to be major growth drivers.
In Latin America and the Caribbean, things were even worse. Consumers, squeezed by inflation, started buying cheaper booze, leaving Diageo with warehouses full of unsold stock.
That mess led to a profit warning late in 2023. And then there was the supply chain trouble, too many premium products sitting around because the company bet wrong on demand.
In May 2025, Diageo rolled out a plan to slash $500 million in costs over the next three years.
The cuts are expected to come from across the board, trimming supply chain inefficiencies, dialing back on advertising and promotional spend, and making changes to how the company runs day to day.
They’re also looking at selling off some assets as a way to simplify operations and bring down debt.
Even though Guinness held up relatively well, Diageo’s broader push into premium spirits didn’t land the way it had hoped.
With consumers still feeling the pinch in a post-pandemic, cost-conscious world, the timing just wasn’t right.
So when Debra Crew stepped down, markets actually welcomed the news, investors saw it as a chance for a reset and a step toward more stable footing.
New interim CEO for Diageo
Nik Jhangiani, who only became CFO in September, has now been tapped as interim CEO.
He’s stepping into a tough spot. His immediate to-do list includes regaining investor confidence, finding real savings without cutting too deep, and getting the company back on track amid a lot of global uncertainty.
Meanwhile, Diageo’s board is actively looking for a permanent CEO, someone who can steady the ship, revive growth, and help the company move with the pace of a rapidly changing market.
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