Debra Crew has stepped down as chief executive of drinks giant Diageo with immediate effect and by mutual agreement.
The global company behind Johnnie Walker whisky and Guinness said chief financial officer Nik Jhangiani will assume the role on an interim basis until a permanent appointment is made.
In a trading statement in May, Diageo forecast a $150m hit from US President Donald Trump’s tariffs and has instigated a $500 million programme of cutbacks.
The world’s top spirits maker reported a 2.9% increase in net sales for the third quarter to $4.4bn, with positive organic growth partially offset by unfavourable foreign exchange and disposals. Analysts said the sales growth was flattered by one-off factors that were likely to be reversed in the fourth quarter.
Ms Crew has been CEO of Diageo since June 2023 following the death of Ivan Menezes at the age of 63. She joined the company as a non-executive director in 2019, then served as president of Diageo North America and subsequently as group chief operating officer.
Since her appointment the company has reported missed targets and problems in Latin America. The share price has fallen more than 43%.
Diageo today said guidance for fiscal 2025 and 2026 remains unchanged from the third-quarter trading statement and full-year results will be published on 5 August as planned.
Chair John Manzoni said: “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.
“On behalf of all Diageo colleagues, I wish her every success in the future. The board’s focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation.”
Shares in the company rose by 3% in early trade but closed just 0.56% higher at 1898.5p.
Market Comment: Diageo seeks direction
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