Diageo CEO Debra Crew Steps Down 

UK – Diageo, the world’s largest spirits manufacturer, has announced the immediate departure of Chief Executive Officer Debra Crew, who has also stepped down from the Board of Directors. 

Nik Jhangiani, the current Chief Financial Officer, has been appointed as interim Chief Executive Officer.  

The company said the leadership transition was made by mutual agreement, though it did not disclose further details. Diageo confirmed it is maintaining its financial forecasts for fiscal years 2025 and 2026. 

Debra Crew took over as CEO in June 2023, having joined Diageo as a non-executive director in 2019. She later served as President of Diageo North America and subsequently as Group Chief Operating Officer.  

Her tenure as CEO was marked by a challenging operating environment and ongoing efforts to revive growth across key global markets. 

John Manzoni, Chair of Diageo plc, commented, “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.  

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.” 

Crew’s departure comes at a time when Diageo is undergoing a major restructuring strategy. In May, the company unveiled a plan to cut US$500 million in costs and execute asset sales by 2028 to improve operational efficiency. 

Diageo has also been reducing its footprint in Africa through strategic divestments. In January 2025, the company announced the sale of its 80.4% stake in Guinness Ghana Breweries plc to Castel Group.  

Additionally, Diageo sold its 54.4% shareholding in Seychelles Breweries Limited to Phoenix Beverages Limited, part of Mauritius-based IBL Group, in a transaction valued at approximately US$80 million. 

Diageo has faced sales declines since Crew’s appointment, especially in Latin America, where a stock build-up led to a profit warning in November 2023.  

High inflation and rising interest rates have also impacted consumer spending across key markets like the United States. 

In its Q3 results, the company saw a 2.9% increase in reported net sales reaching US$4.4 billion driven by favourable phasing, primarily in North America and, to a lesser extent, Latin America and the Caribbean. 

Organic net sales rose by 5.9%, supported by a 2.8% increase in volume and a 3.1% positive price/mix. All regions recorded positive price/mix except Asia Pacific, where ongoing consumer downtrading and an adverse market mix weighed on results. 

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