Diageo, a leading global spirits and beer producer behind brands like Johnnie Walker, Guinness, Smirnoff, and Tanqueray, has announced that Debra Crew has stepped down as Chief Executive Officer and Board Director, effective immediately, by mutual agreement.
Crew, who joined Diageo’s board in 2019, held prior executive roles as North America President and Group Chief Operating Officer before becoming CEO in June 2023—the first woman to hold the position. Her two-year tenure navigated challenging terrains including pandemic fallout, geopolitical volatility, supply-chain disruptions, especially in Latin America and the Caribbean, and trade uncertainty tied to U.S. tariffs.
Immediate Leadership Update:
- Nik Jhangiani, Diageo’s Chief Financial Officer, steps in as interim CEO during the transition.
- The Board has launched a “comprehensive formal search process” for a permanent CEO, considering both internal and external candidates.
- Diageo confirms that financial guidance for fiscal years 2025 and 2026 remains unchanged, as disclosed in its Q3 Trading Statement on May 19, 2025.
- The company also reaffirmed plans to publish its full-year fiscal 2025 results on August 5, 2025.
Board Remarks & Outlook:
Board Chairman John Manzoni extended gratitude to Crew:
“On behalf of Diageo and the board, I would like to thank Debra for her contributions… steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”
Manzoni underscored the board’s commitment to finding the best leader to advance long-term, sustainable value creation.
Market Reaction & Industry Perspective:
Following the announcement, Diageo’s shares initially rose by up to 4.5% before settling, as reported by market sources. Analysts note the departure comes amid broader sector headwinds, including inflation, shifting consumer behavior post-pandemic, and tariff pressures—factors contributing to a significant share price decline of approximately 40% during Crew’s tenure.
While some industry experts remain skeptical about whether leadership change alone will reverse underlying market trends, the interim arrangement suggests Diageo is prioritizing continuity and execution of its ongoing cost–optimization initiatives, flagship performance ambitions, and fiscal discipline.
Source: Diageo