New York: Diageo, the world’s biggest spirits maker, announced that its CEO Debra Crew has stepped down by “mutual agreement” after being in the role for just two years.
The abrupt change comes amidst sluggish sales across the alcohol industry, which has also affected Diageo brands — Johnnie Walker whisky, Casamigos tequila and Guinness beer, as well as the threat of increased tariffs from the United States, reports CNN.
In a press release issued yesterday, the London-based company said Crew is leaving with “immediate effect.”
Nik Jhangiani, Diageo’s chief financial officer, will become the interim CEO as Diageo conducts a “comprehensive” search process.
Sir John Manzoni, Diageo’s board chairman, thanked Crew for “steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”
Diageo’s stock (DEO) has lost about 44 percent of its value since Crew became CEO in June 2023.
She announced in May a plan that would slash US$500 million in costs and potentially sell some brands over the next three years.
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