Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Diageo PLC is preparing to replace Chief Executive Officer Debra Crew in a bid to stabilise the spirits maker after a sharp share price decline and falling alcohol sales, the Financial Times reported on Wednesday.
The board of the FTSE 100-listed group is actively searching for a new chief to lead a turnaround, the newspaper said, citing ‘people familiar with the matter’. Chief Financial Officer Nik Jhangiani, who joined last year and has impressed some major investors, is being considered as a potential interim CEO, one person told the FT.
Shares in Diageo were up 2.8% to 1,940.50 pence in London at midday on Wednesday following the report.
Crew’s tenure, which began in June 2023, has been marked by a profit warning, scrapped growth targets, and a 43% decline in the company’s share price. Diageo has struggled with weaker demand post-pandemic and investor concerns over whether the downturn is cyclical or structural.
In May, Jhangiani unveiled a $500 million cost-cutting plan and signalled potential asset disposals.
Diageo did not immediately respond to a request for comment by the FT.
Copyright 2025 Alliance News Ltd. All Rights Reserved.