Diageo CEO Steps Down as Company Shifts Strategy

On Wednesday, Diageo announced that CEO and board director Debra Crew has stepped down from her position, effective immediately, after two years in the role. Diageo CFO Nik Jhangiani will act as interim CEO until a permanent replacement is found.

Crew first joined Diageo — the world’s largest spirits maker and owner of brands like Johnnie Walker and Guinness — in 2019 as the president of Diageo North America, and was later promoted to group COO. She has led the company as CEO since June 2023, after longtime CEO Ivan Menezes passed away.

Since stepping into the position, the company has faced several challenges: notably, a decline in demand in its Latin American markets and a Guinness shortage at U.K. pubs over the holiday season last year. Diageo’s stock has lost about 44 percent of its value since Crew took over as CEO.

As the alcohol industry continues to struggle with a global decrease in demand and uncertainty around the Trump administration’s ever-changing tariff policies, more companies are shifting gears to adapt to the shaky market. In Diageo’s case, Crew announced a plan in May to cut $500 million in costs and sell off a number of assets to reduce debts by 2028, signaling that the London-based conglomerate may restructure its portfolio over the coming years to fit the market’s evolving demand.

“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,” chair of the board for Diageo, John Manzoni, said in the release. “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.”

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